BALLYMORE PROPERTIES Holdings Ltd, the UK holding company of Seán Mulryan’s international property group, has been notified it will be struck off and dissolved if it does not file overdue accounts.
The company has been told its assets will become the property of the British Crown if it fails to file accounts within three months, and is dissolved.
However, group director Paul Keogh said Ballymore had notified the UK Companies House that the accounts will be filed shortly.
“We are just inundated with accounting work and business plans with a reduced workforce and are behind in filing,” he said.
It is believed that loans belonging to Ballymore are being transferred to the National Asset Management Agency.
The last consolidated accounts for Ballymore Properties Holdings Ltd and its subsidiaries, for the period to March 31th, 2008, stated that the group’s ability to continue as a going concern was largely dependent on the continued support of its banks.
The holding company’s bankers were listed as AIB, Anglo Irish Bank, Irish Nationwide, Fortis Bank, Wurttemburgische Hypothenbank and Bank of Scotland. The group’s bank loans at the end of March 2008 were £1.2 billion.
The UK holding company is, in turn, owned by a company based in Jersey which is in turn owned by the ultimate parent company, Ballymore Properties, an unlimited Irish company. Unlimited companies do not have to file accounts.
A number of Ballymore Properties Holdings Ltd subisidiaries have also been listed for strike-off. The filings for the UK company, Ballymore Properties Ltd, includes a resolution that concerns companies involved in a big development in Birmingham and a facility with Anglo Irish Asset Finance for £212.2 million.
Ballymore is involved in large developments in London’s docklands as well as a 1 million sq ft mixed-use site in Birmingham.
In March, group chief executive David Brophy said he and his fellow directors were confident it would survive the crisis and that it was well positioned to profit from the “inevitable upturn”.
He was speaking at the opening of the group’s flagship €450 million shopping centre in Bratislava. He said the group had significant debt but assets of greater value.
