THE HIGH Court has made an order winding up property investment firm RQB, which was set up by the property developer Paddy Kelly and has debts of some €21 million.
RQB, (formerly Redquartz Boundary Ltd), Flemings Place, Dublin 4, was involved in a number of high-profile deals during the property boom.
The petition to have the company wound up was brought by Boundary Services, an associated company which is owed €2.49 million.
The court heard NIB is the largest creditor of RQB and is owed €8.5 million. Another significant debtor is Boundary Capital which is owed more than €6 million.
NIB had last August secured summary judgment orders in the Commercial Court for €8.5 million against RQB and Mr Kelly arising from a €12 million overdraft facility of December 2005 made available to RQB for the purpose of acquiring certain properties “pending injection of investor equity”.
Making the order yesterday, Mr Justice Peter Kelly said RQB is clearly insolvent and unable to pay its debts.
The judge appointed George Maloney of chartered accountants Baker Tilly O’Hare as liquidator.
Mr Maloney’s appointment as examiner was sought by NIB over concerns it had about the relationship between the petitioner and RQB.
