In short

A roundup of today's other business news

Bank takes over LM Developments

Ulster Bank has taken control of the Donal Caulfield and Leo Meenagh-backed construction company LM Developments, which is building a number of high-profile estates.

A statement yesterday confirmed that Ulster Bank appointed David Hughes of Ernst Young to LM Developments on Monday. The company owes €7 million to the bank.

LM’s parent Vue Three Sixty is not affected by the receivership. It is developing two estates, Belmayne and Streamstown Wood, in Malahide, Co Dublin, and two others, Chapelwood and Alderwood, in Hollystown, which is also in Dublin.

Maples and Calder ups market share

Corporate law specialists Maples and Calder more than quadrupled its share of the advisory market to Irish investment funds, according to the latest report by ratings group Lipper.

The 2009 Lipper Fund Encyclopedia shows that the international law firm, which is based in the Cayman Islands, increased its market share by 320 per cent.

Maples and Calder now advises 15.6 per cent of both the domiciled and non-domiciled funds serviced in Ireland, compared to 3.7 per cent in 2008.

Barry McGrath, partner at Maples and Calder, said: “The results reflect the strength of the team we have built.”

Co Louth firm  gets liquidator

The High Court has appointed a provisional liquidator to a Co Louth-based company which operated as the regional base of a French online retailer.

Mr Justice Roderick Murphy yesterday appointed accountant Micheal McAteer provisional liquidator to CDiscount Retail Ltd after being told the company is insolvent and unable to pay debts of some €8.2 million. The judge returned the matter to later this month.

Shell Ireland gets cash to finish gas works

Shell Ireland has received a €90 million cash injection to complete its controversial works to allow gas to be taken from the Corrib gas field.

The cash injection to Shell EP Ireland Ltd from its parent company is confirmed in documents recently lodged with the Companies Office.

The €90 million represents a 28 per cent increase in the company’s share capital to €344 million.

A spokesman for Shell EP Ireland Ltd confirmed yesterday that the injection of equity “is towards the development costs of the final phases of the project”.

Economy to shrink 7.9% in 2009 – PwC

The Irish economy is projected to contract by 7.9 per cent in 2009 and a further 1.8 per cent in 2010, according to the latest economic outlook from PricewaterhouseCoopers.

The economy was unchanged in the second quarter, due to net exports and stronger investment expenditure offsetting lower Government expenditure and the depletion of stocks by businesses, PwC said.