Directors re-register addresses

NEWS:DIRECTORS OF building group, McNamara, have switched their registered addresses to the company's business premises from their own homes, recent documents show.

According to documents lodged with the Companies’ Registration Office, Michael McNamara and company directors, Catherine Foy, Patrick Fox, John McGowan and Michael Flannery, have re-registered their addresses to company premises at Ballsbridge, Dublin.

The company’s managing director, Bernard McNamara, recently re-registered his address.

A spokesman told The Irish Times yesterday that the move was for administrative purposes only, and was designed to streamline communications within the group.

While Michael McNamara and Company is the parent, the group has a number of arms, focused on different activities, including contracting, development and general construction.

Last year, a break down in communication led to a judgement against the firm over a €2,000 ESB bill, which was in fact originally owed by a contractor. Following this, the group decided to streamline and centralise procedures.

Where company directors take this step, it has sparked speculation that it may be designed to anticipate calls on their assets that could be made should personal guarantees be called in, if the business is in difficulty.

However, legal sources point out that in these situations, creditors have a number of avenues open to them, including asking the courts to scrutinise any assets transfers or sales at lower than normal market values.

The McNamara group of companies is continuing to trade profitably and is not facing any proceedings linked with insolvency or some other form of difficulty.