Warning to McKillen: company had not filed accounts


ONE OF the Paddy McKillen companies taking a case against the National Asset Management Agency was warned last week that it would be struck off if it did not file overdue accounts.

However, a spokeswoman for Mr McKillen said the accounts had been filed yesterday and that the delay in doing so was an “administrative detail”.

The company, Belfast Office Properties Ltd, is based in Belfast and had bank loans of £220.9 million (€252 million) at the end of September 2008, according to the latest accounts filed.

The company is owned by Cashel Developments Ltd, which in turn is owned by Mr McKillen and businessman Padraig Drayne.

In its accounts, which were signed off in July 2009, Belfast Office Properties said it had a short-term facility of £221 million that was due for renewal. Group companies had provided guarantees to Bank of Ireland and Ulster Bank.

“The group has commenced renewal negotiations with the banks and no matters have been drawn to the group’s attention to suggest that renewal may not be forthcoming on acceptable terms.”

The company had investments of £228.78 million and made a pretax profit of £1.97 million.

The 2009 accounts of another group company, Finbrook Investments Ltd, which were signed off on in April of this year, state that it had provided guarantees in relation to the bank facilities of Belfast Office Properties.