Taggart subsidiaries listed for strike-off

A NUMBER of subsidiaries of the troubled Taggart Holdings group in the Republic are listed for strike-off from the companies register, which removes the protection of limited liability.

Belfast-based developer Taggart Holdings last week sought court protection from its creditors at the request of Bank of Ireland and Ulster Bank.

Taggart Holdings was placed in administration - a corporate rescue mechanism used under Northern Ireland law. Administrators are appointed to establish if a company can be rescued and its creditors' paid.

Part of its business, which covered three development sites in Donegal, Kinnegad, Co Westmeath and Kinsealy, Co Dublin, and a development in Trim, Co Meath, was placed in receivership in the Republic at the behest of the same banks. Nine companies in the Republic, all owned by Northern Ireland-registered Taggart Holdings, are listed for strike off by the Companies Registration Office (CRO). They include companies associated with Taggart developments in Kinnegad and Mullingar in Co Westmeath, Naas, Co Kildare, Mullingar and Roscommon.

Companies listed for strike-off run the risk of being removed from the register, which in turn removes the protection of limited liability for shareholders. Contracts and debts can be enforced against struck off companies.

Companies can be struck off for a number of reasons, the most common is failing to file documents such as accounts and annual returns on time.

Companies listed for strike-off can avoid being taken off the register by filing the documents. Once they are struck off, they generally have to get a High Court order to have them restored to the register.