Desmond Murtagh Construction in receivership

The developer of the Castlemanor Nursing Home development has had his assets seized. A receiver was appointed to Desmond Murtagh Construction on Wednesday last, the Anglo-Celt can confirm. A spokesman for the receiver, accountant Kieran Wallace of KPMG, confirmed that the receiver is currently assessing the financial position of the developments. 'We are assessing the affairs of the business but we can"t comment on any specifics of the company"s affairs,' said the spokesman. Desmond Murtagh Construction is behind the 70-unit retirement village, Castlemanor, in Cavan town. About half of the 70 properties are already sold and are not affected by the receivership. A spokeswoman for the developer also emphasised to the Anglo-Celt that the nursing home itself is also unaffected and residents and their families needn"t worry and can continue to enjoy the quality of care they receive there. ACC Bank became concerned about the company"s financial position and moved to install a receiver, taking control of the company"s assets. Desmond Murtagh Construction"s developments include houses in Cavan, Belturbet and Arva, as well as shops and offices in Ballinamore. In a statement to the Anglo-Celt, the company confirmed that a receiver had been appointed. 'This is a direct consequence of the downturn in the construction industry and the residential property market,' read a statement. 'Castlemanor Nursing Home is an entirely separate company and will not be affected by the appointment of a receiver to Desmond Murtagh Construction. The nursing home, which is renowned for its modern facilities and high standards of care, is performing well and is fully solvent. Demand for care at the home is growing and management are confident of a sound future,' concluded the statement. Meanwhile, ACC Bank also confirmed that a receiver had been appointed but declined to comment on the level of borrowings. However, according to Desmond Murtagh Construction"s latest accounts, the company had works valued at over €15 million in progress at the end of April, 2007.