Kieran Wallace of KPMG has been appointed receiver to BSQ, an investment firm set up to acquire some of the properties in the retail and residential development.
It is understood that BSQ's shareholders are clients of Avestus Capital Partners, the investment firm founded by financier Derek Quinlan.
BSQ owed about €38.4 million to creditors at the end of 2008, but said it had ‘‘complied with all its financial obligations'', and agreed renewed loan facilities with its banks. The Beacon project was developed by Paddy Shovlin's Landmark Enterprises, and Quinlan Private later bought a 50 per cent stake in the project.
The latest annual return for BSQ, (November 2009), lists the company's shareholders as ‘‘Quinlan Nominees'', but individuals are not identified. BOI took control of some of Shovlin's assets last July, appointing Simon Coyle of Mazars as receiver to Landmark Enterprises.
Article Published: 13/04/2011