McFadden and Carroll to ask court to wind up RQB

BUSINESSMEN Niall McFadden and Declan Carroll are set to ask the courts to wind up a property company, in which they both hold a stake, in a move to recover money that it owes them.

Boundary Services, which both men own, will petition the High Court to wind up RQB later this month.

RQB’s latest annual return names both men as directors. Both are ultimately shareholders in the property investment firm, along with developer Paddy Kelly and former Anglo Irish Bank executive Paul Pardy.

It is understood RQB owes the two men money for services such as investment advice, and that they are seeking to wind up the company in order to take control of the assets and recover the debt.

RQB is a property investment firm involved in a number of high-profile deals during the boom. The Boundary Services petition is the latest in a series of court actions involving the firm. The High Court will hear the case on October 19th.

Recently, the High Court granted National Irish Bank a judgement for €8.615 million against the company.

At the same hearing, the court adjourned a motion seeking judgement personally against Mr McFadden for €8.5 million until October 12th.

Mr Kelly and Mr Pardy recently consented to judgements for €8.5 million against them. The bank sued the businessmen on foot of personal guarantees they gave in relation to an overdraft which it extended to RQB.

Mr McFadden, Mr Kelly and Mr Pardy were all substantial players in the property boom. They and RQB were involved in the purchase of the Marriott Hotel on the Professional Golf Association-owned Sawgrass course in Florida in 2005.

However, it is understood that RQB does not have a direct stake in that property.

Mr McFadden has stakes in a number of businesses, including department store Arnotts, through his vehicle Boundary Capital. His interests also include property management group Veris, which US group Armarak this week agreed to buy for close to €51 million.

Various creditors have won judgements totalling more than €93 million against Mr Kelly in recent months.