Final members' meetings called for Prestige associates
FINAL MEMBERS’ meetings have been called for two companies connected to the Prestige Group, which at its height was one of the leading players in the overseas property investment game.
In March Kaizen Property International, the parent of the Prestige Group, went into liquidation. Paul McCann of Grant Thornton and Jim Stafford of Stafford Friel were appointed as joint liquidators.
The business was founded by financier Paul Coghlan.
According to reports at the time, Kaizen’s unsecured creditors were owed €1.7 million and investor loans totalled € 4 million. Mr Coghlan’s exposure was estimated at €1.5 million.
Notices published over the weekend in The Daily Star indicated that final meetings of members of Prestige Private Funds and Polska Capital Partners will take place on August 31st.
Kaizen Property International had a significant stake in both companies.
The meetings will take place in Grant Thornton’s Dublin offices.
Last July Paul McCleary of Grant Thornton was appointed as liquidator of both companies.
Polska Capital Partners was involved in the development and selling of property, while Prestige Private Funds was a financial intermediary. The Prestige Group focused initially on providing advice on property investment opportunities in the UK, and later expanded into France, eastern Europe, South Africa and the US.
In 2004 it became one of a number of companies to respond to changes in Irish pension legislation (which allowed pension schemes to borrow for investment purposes) by promoting schemes that enabled customers to invest in property through their pension funds.
In 2006, it launched an investment fund in the Polish residential market for investors with a minimum of €50,000. It was planned that a fund of €20 million of Irish investors’ money would be leveraged in order to finance developments in Warsaw.
According to the Companies’ Office, Mr Coghlan (48) currently holds 19 directorships.