Elm Park-linked firm is listed for strike off

A COMPANY with financial assets of €90 million, which is associated with the Elm Park development on the Merrion Road, in Dublin…

A COMPANY with financial assets of €90 million, which is associated with the Elm Park development on the Merrion Road, in Dublin, has been listed for strike off.

Bernard McNamara, David Courtney and Jerry O’Reilly are shareholders in Raycastle Ltd, parent company of Radora Developments Ltd, which is behind the Elm Park development.

Raycastle has been listed for strike off for failing to file accounts on time.

The company can now be struck off at the discretion of the Companies Registration Office (CRO), or otherwise within one month.

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Companies that are struck off are dissolved five days thereafter by the office.

Their assets then become the property of the Minister for Finance Brian Lenihan, according to the CRO. The latest accounts for Raycastle are for the year to the end of March 2007.

The abridged accounts show the company had financial assets of €90 million, but creditors for the same amount.

At the year’s end, the company was owed €50 million by Radora, as well as €13 million by another company, Woodmead, €19.8 million by Versonwood Ltd, and €6.7 million by Ankra Developments Ltd.

Woodmead is associated with the Tara Towers Hotel, on Merrion Road. Ankra is associated with a development at Little Island, Cork.

Last month Versonwood applied to Fingal County Council for its permission to establish a cemetery at a 4.5 hectare site at Scribblestown, Castleknock, Co Dublin.