Irish Luxury Real Estate Development firm, KILROE Developments Ltd has gone into liquidation owing €3.8m to over three hundred companies and individual contractors.

Kilroe developments built luxury homes for Ryanair’s Michael O’Leary, Johnny Ronan of Treasury Holdings and Adam Clayton of U2 and is the most prominent of 3 contractors and developers to collapse last week reports the Irish Independent.

Founded in 1997, Kilroe Developments was a potent symbol of the building boom during the last decade with a wide range of blue chip clients.

The company now owes the Inland Revenue more than €786,000, including €241,000 in VAT and €162,000 in PAYE and PRSI contributions. Employees are also owed €214,000, including wages, redundancy and money in lieu of notice.

At a stormy meeting of creditors held at the Marriot Johnstown House Hotel in Enfield, creditor after creditor claimed they are owed between 30 and 40 per cent more than the figures noted in a list of unsecured creditors supplied by the developer. More on Irish Luxury Property Developer Goes Broke