“Do not close the door on me, I’m pregnant,” said Elma Beirne as she and Áontu leader Peadar Tóibín attempted to hold open the door of a small room in the Royal Marine Hotel in Dún Laoghaire, Dublin on Tuesday morning.
The hallway outside was full of Co Meath politicians, journalists, and five would-be homeowners, including Ms Beirne, who paid deposits for houses in the Ringfort Estate in Rathmoylon, Meath, five years ago.
However, the appointment of a liquidator to the developer on Tuesday has put their money and future homes at risk.
Initially denied entry to a creditors’ meeting, those in the hall outside were ultimately allowed entry, with the exception of a stenographer hired by the buyers, and press photographers.
RM Block
Of the 15 buyers who signed contracts and paid deposits of €27,500 to €30,000, just five remain hopeful their contracts will be honoured.
In 2023, they were asked by developer Meathamatic Ltd to pay an additional €60,000 after the company blamed rising construction costs and interest rates, and although the buyers say the houses are now completed and connected to utilities, they remain unoccupied.
In the latest development, a creditors’ meeting was called for Tuesday to appoint a liquidator for Meathamatic.
At the top of the room sat Joe Elias, Meathamatic’s director, who, at one point, remarked that he was “not a property developer”.
“I have never developed property in my life, I’m not a home builder,” he said.
A US software entrepreneur and qualified medical doctor, Mr Elias told those present: “I will lose a lot of money on this.”
Outlining his decision to place Meathamatic into liquidation, he said a 2024 Revenue audit found that the contract between the company and MDS Construction, the builder, had not been registered, and a “significant tax liability arose”.
Revenue “insisted” on the VAT being repaid in full, “which we were unable to do”, he said, adding: “We had no alternative but to wind the company.”
Representing the buyers, Damien Harper of PUC Consultants argued on the basis of the statement of affairs provided to attendees. The statement noted the current net real estate value of the Ringfort Estate as €6.38 million.
Meathamatic was incorporated in June 2019 to develop the estate, Mr Elias said, after he was approached by Mark Flynn and Peter Finn of MDS Construction.
After purchasing the site for about €550,000, €1.8 million was borrowed from the State-owned Home Building Finance Ireland (HBFI) to fund the development, he said.
However, HBFI became “concerned about how slow the development was progressing” and ultimately indicated it would like to “call the loan in”, he said.
In June 2023, Spudmuckers Ltd, of which Mr Elias is the director and which he described as an “investment vehicle”, took over as the secure creditor.
Mr Elias’s wife, Donna Marie Sagba, was previously a director of Spudmuckers, but resigned in December 2023.
“You’re the borrower, the lender, and if you believe your own narrative, you’re the biggest injured party here, it’s like the unholy trinity,” Mr Harper said.
During the meeting, Mr Harper nominated Myles Kirby as liquidator, though this was defeated in favour of Colin Gaynor of Resolute Advisory, who was appointed by Mr Elias.
Speaking after the meeting, Mr Harper said those who paid deposits are “not guaranteed anything at this stage”, being unsecured creditors, while the houses are likely to be sold at current market value.
However, the five buyers remain hopeful their contracts would be honoured through the liquidation process.
“There’s only five of us left, he can still sell the other eleven houses at whatever price he wants. We’re asking for justice, for someone to work with us, and just to be reasonable and fair,” said Ms Beirne, who paid a deposit in 2020 and signed a contract with her husband John Ennis.
Speaking after the meeting, Mr Harper said there are “serious questions to be answered”.
“We’d be looking for possibly the Revenue Commissioners to make an application to court to appoint Mr Kirby as liquidator,” he said.
