Outrage at Ringfort meeting as families say developer holds all the power

Tensions flared at a heated creditors’ meeting on Tuesday as affected Ringfort buyers accused developer Joe Elias of orchestrating a liquidation process “riddled with conflicts of interest” that leaves ordinary families effectively shut out of key decisions.

One of the remaining purchasers, Elma Beirne, said the meeting offered “no transparency, no independence and no fairness”, after Mr Elias confirmed he had appointed his own liquidator and rejected repeated calls from buyers for an independent or jointly-appointed alternative.

“We asked for an independent liquidator. It was refused. We asked for a joint liquidation with someone appointed by Revenue. That was refused too,” Elma said.

“Joe Elias has positioned himself as the number-one creditor by buying out the HBFI loans, and the advisory companies he hired have the majority vote. We are in an impossible position in terms of how this is going to play out.”

Elma said families were stunned to hear that if there were insufficient funds left in the site’s bond account, Mr Elias would personally pay the liquidator’s costs.

“How can that ever be considered independent? The conflict of interest is unbelievable,” she said.

“There is no clarity, no accountability, and absolutely no fairness for the five families still left in this process.”

She raised concerns about elements of the Statement of Affairs presented at the meeting, saying several figures were challenged.

“VAT was included when it shouldn’t have been, and his legal counsel actually said the statement ‘doesn’t have to be correct.’ That to me is completely off the wall,” she said.

Elma also questioned how projected completion costs had risen so dramatically.

“Back in 2023 MDS Construction said it would cost €268,000 to complete the site. Now, two years later, Joe Elias is saying €3 million. None of it adds up.”

She said the families want either a forensic investigation or intervention from Revenue, insisting the matter is not simply a private commercial dispute.

“It was raised in the Dáil yesterday and Micheál Martin said he would speak to other ministers. We’re being told it’s a private issue , it absolutely is not. If this can happen to us, it can happen to any normal working family in Ireland and not just first time buyers, any buyer

“I’m six months pregnant. I shouldn’t have to deal with this level of stress. He should just honour the contracts of the five remaining families.”

The families’ ordeal began when they paid hefty deposits for homes in the Ringfort estate in Rathmolyon more than five years ago. Now, despite the houses being fully built and connected to utilities, the developer’s move to liquidate Meathmatics Ltd has left them fearing they may lose both their homes and their money.

Up to five families face losing more than €250,000 collectively in deposits and upgrade payments, with no guarantee they will ever secure the properties they contracted for.

Meathmatics Ltd, controlled by businessman Joe Elias, held Tuesday’s creditors’ meeting to outline the proposed liquidation but buyers say the future of the estate remains opaque and deeply concerning.

Sixteen homes were originally launched for sale in 2020, priced between €275,000 and €300,000. Contracts were signed, deposits paid, and all but one home went sale-agreed. But as the years passed, construction stalled repeatedly while families continued paying rent and storage costs.

Of the 15 original purchasers, only five remain.

Several were forced to walk away due to the financial and emotional strain. One family is now living in a single bedroom with their child after being evicted from their rental property earlier this year.

Elma Beirne and her husband John paid €29,500 in deposits and signed contracts in July 2021, expecting to move in by December 2022. They also invested an additional €30,000 of their savings into upgrades for the home money they now fear is completely lost. She says what should have been a milestone for their family instead became “six years of heartbreak.”

“It felt like the start of a new chapter a place to raise our children. Instead we’ve spent six years paying rent, storing furniture, and living in constant uncertainty.”

The couple now have a toddler and are expecting their second child. They live fewer than 200 yards from the estate.

“Every time we walk past the house we’re supposed to be living in, we feel heartbreak and anger. Our home is built. The lights are on. But five years later, the door is still locked and now we’re facing into our sixth Christmas waiting to move in.”

By early 2023, buyers were told they would need to pay an additional €60,000 each to make the project viable. They refused.

Shortly afterwards, Spudmuckers Ltd, a company owned by Joe Elias, paid off the development’s HBFI loan and became Meathmatics’ creditor. Within months, Spudmuckers had appointed receivers Interpath Advisory, effectively taking control of the site.

In May 2024, after months of negotiations, the remaining five families agreed to pay an additional €26,000 each to finish the estate. They believed the end was finally in sight; by late 2024 the homes were structurally complete and connected to water, power and broadband.

But the updated contracts never arrived and instead, the move to liquidate Meathmatics Ltd began.

The Ringfort families are now calling on Revenue, the Corporate Enforcement Authority, the Department of Housing, and Meath County Council to intervene. They want a full review of the liquidation and receivership, clarification on any outstanding tax or Help-to-Buy liabilities, independent oversight of the remaining funds and completion costs, and enforcement of their original binding contracts.