Kimpton Vale property firm faces wind-up petition at High Court

A PETITION for the winding up of Kimpton Vale, a loss-making property company with loans that have been moved to the National Asset Management Agency, is to be made to the High Court next Monday.

The petition is to be made by Talsar Developments Ltd, a creditor of Kimpton. Talsar is a Dublin building company owned by Derek Wray, of Terenure, Dublin, and Neal Thompson, of Clane, Co Kildare.

Kimpton is owned by Laurence Keegan, with an address at Carpenterstown Road, Castleknock, Dublin. He and his wife Mairead are the company’s directors.

The latest filed accounts for the company are for the year to May 20th, 2009, and show that work worth €5.3 million was completed that year on residential property for its owner and his children.

The accounts for the company show it “raised an invoice of €1 million including VAT to directors Laurence and Mairead Keegan regarding the construction of a residential property” during the year.

The accounts do not give any information in relation to payments arising from the invoice.

The accounts also state the company was contracted to build residential units for the Kimpton Vale Partnership and that an invoice of €4.32 million was raised on their construction and fit out.

The Keegans are members of the partnership, according to Companies Office filings, as are Sarah and Sean Keegan, also with addresses in Castleknock.

The accounts say transactions with interested parties were conducted on an arm’s-length basis. They show Kimpton Vale made a pretax loss of €873,549 and had accumulated losses of €3.89 million at year’s end. Bank borrowings were €8 million. Company filings show mortgages with AIB.

Mr Keegan was restricted from operating as a director by the High Court in January 2004, arising out of his activities with Torose Construction Ltd. The share capital of Kimpton is set at the threshold that allows directors restricted under Section 150 of the Companies Act to act as directors.

In 2002 Torose Construction, which built developments at Castleknock and Templeogue, made a €6.93 million settlement with the Revenue.

Mr Keegan was named in 2009 as having invested €4 million via Davy in developer Bernard McNamara’s stake in the Irish Glass Bottle site, in Ringsend, Dublin.