Prominent builder and developer Liam Maye died on 5th May 2008. In his lifetime, he had founded Castlethorn Construction, the company that built Adamstown and the Dundrum Town Centre.
A little over a month after his passing, a grant of probate was issued, based on an accountant’s affidavit. This placed a net value on the estate of €53,299. The gross value was not much higher, at €72,900.
This valuation came as a surprise to one of the man’s main bankers, AIB. The bank had been receiving periodic reports, presumably from the man himself and/or his accountant, indicating a net worth of €100m.
As of today, AIB claims it is owed €58m from the estate.
The bank failed in its attempt yesterday to have an action against the estate’s executrix (Mr Maye’s widow) run in the fast-track Commercial Court; instead it will be heard in the ordinary High Court. The Irish Times reports that Mr Justice Kelly described the valuation as “extraordinary”, and said it should have resulted in alarm bells ringing earlier than they seem to have done in the bank.
And just to put a smile on your face, the AIB loans are headed to NAMA, subject to the agency’s review.