The recent PBN Property Limited report and accounts revealed that one of the founders, Neil Adair had resigned in March 2013. PBN Property is a Northern Ireland property company but it may be known to you on this side of the Border for two reasons – one of its founders, Neil Adair is the former boss of Anglo in Northern Ireland and secondly, [CORRECTION] one of Neil’s co-founders at PBN, Patrick Kearney was one of the Maple 10 or Anglo Golden Circle who clubbed together to buy Sean Quinn’s stake in Anglo using loans advanced by Anglo. “PBN” is derived from the initials of the first names of the founders, Neil, Patrick and the third founder Brian McConville. It was founded in 2005 and is now a NAMAed company.
We see that 51-year old Neil – pictured here – is getting more involved with a Northern Irish firm of insolvency practitioners called “PJG Recovery”. His biography on the firm’s website says Neil “has substantial experience of working with financially stressed companies in Northern Ireland and the Republic of Ireland and is an expert in business turnaround and reconstruction involving both formal and informal insolvency and recovery procedures” [ENDS]
Neil has been working with PJG on a part time basis for two years, but it seems his activities at the company are being ramped up.The recently-published report and accounts for PBN for year ended June 2012, show the company is balance sheet insolvent to the tune of GBP 4m, and there are question marks over the GBP 162m valuation of its property holdings with the auditors giving a qualified opinion on the accounts because of this. An ideal candidate for “business turnaround and reconstruction” perhaps?!