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You are > Home > Company goes into liquidation
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Thursday, February 04, 2010
Company goes into liquidation
THE ASSETS of one of Wexford’s most prominent construction companies are being sold off to pay creditors.
There is concern about the future of a proposed €280million development in Waterford in which Redmond Civil Engineering were partners. An Enniscorthy business man is also a major partner in the company involved in developing the Newgate Shopping Centre in Waterford.
However Dan. Kickham, speaking to the Echo yesterday, said he was confident the impact would not disrupt the development moving forward.
“I anticipate there will be no material impact on prospect of the development going ahead. There is a high level of interest in the development from around the country but there is no fixed date as of yet for the commencement of the development.”
The issue as to who will take over Redmond Civil Engineering’s interest in KRM Construction Partnership has not yet been finalised, according to Mr. Kickham.
Redmond Civil Engineering Limited based in Lackabeg, Kildavin, Bunclody went into liquidation on November 2 when the High Court appointed Billy Sweetman from Price Waterhouse Cooper as official liquidator.
Since then the assets of the company including construction machinery have been auctioned off to realise the assets of the company and help pay back the creditors. The amount of money owed by Redmond Civil Engineering is not known.
The company became insolvent and was unable to pay its creditors. The money realised in auctions conducted by Mr. Sweetman will go to pay off the company’s creditors.
The construction company is owned by Ciaran Redmond with his wife, Bernadette, both directors.
The current financial strife the company finds itself in however, is a world away from the situation at the end of 2006. The financial statements registered by the company for that year show that Redmond Engineering made a profit of over €1.5 million.
However, the company’s accounts for 2007 showed a marked downturn in the company’s fortunes, reporting a loss of €80,000.
In the 2007 accounts, the company reported it had almost €8 million worth of tangible assets including building leaseholds, plant and machinery and motor vehicles – among them two helicopters.
The figure also includes €5 million of investment properties, most of which would have been in Waterford where Redmond Civil Engineering had a one-quarter stake in as part of the KRM partnership.
Development seems to have been one of the main directions the company was taking, as the Director’s Report for 2007 states: “The directors expect the company to continue growing in the foreseeable future and it has engaged in partnership with other parties in property development.”
One of the major developments that Redmond Engineering was involved in was a €280million Newgate Shopping Centre planned for the centre of Waterford City. They were partners in company KRM with businessman Paul Miskella and Enniscorthybased businessman Dan Kickham of J. Donohoe’s Ltd.
Mr. Miskella has said the development will not be affected by Redmond Engineering going into liquidation as Ciaran Redmond had gone into the development as an individual.
According to papers seen by The Echo KRM Construction Partnership was registered on March 30, 2005 with registered addresses at 8 Rafter Street, Enniscorthy, with construction and property development noted as the nature of the company.
Among the four named owners are Redmond Civil Engineering Limited and not Ciaran Redmond.
The other partners in the company at the time were Milltown Engineering Ltd. from Bagnelstown, Carlow; Donwood Properties Ltd., 8 Rafter Street, Enniscorthy and Quaywood Developments Limited with the same address as Donwood Properties.
However, Milltown Engineering Ltd. was removed from the partnership on October 13, 2006. Enniscorthy businessman Dan Kickham is a director of both Donwood and Quaywood while Ciaran Redmond is a director in Quaywood Developments.
The development in Waterford is to be situated on a 5.1 acre site bordering Michael Street, New Street, Stephen Street and Browne’s Lane, received planning permission recently, after a lengthy wait.
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