Tuesday, May 10, 2011

Castlelands Construction calls creditors’ meeting | The Post

Castlelands Construction, one of the best-known building firms in Munster, has called a creditors’ meeting amid efforts by the Revenue Commissioners to have the company wound up, writes Gavin Daly.

Castlelands was founded in 1988 by John Barry and grew to employ 500 staff.

The firm has built several housing developments in Munster and also worked on commercial buildings and infrastructure projects. It is also active in Britain.

A winding-up petition by the Revenue is due to be heard in the High Court on May 16. However, the firm has called a creditors’ meeting for Friday, May 13, at the Hibernian Hotel in Mallow.

Castlelands has significant borrowings with AIB, Anglo Irish Bank and Bank of Ireland, which have been transferred to Nama.

Castlelands registered as an unlimited company in 2007, meaning it no longer files publicly-available accounts.

Its most recent available accounts show turnover of €28.8 million in 2005 and a profit of more than €671,000. It owed more than €30 million to banks at the end of 20

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