The petition was filed by the Revenue Commissioners in October. At the time it was filed, Mr McGrath said the issue related to a Covid liability.
“We have been engaged with Revenue on it on an ongoing basis,” he said.
“We have substantially met our obligations and this development was unexpected,” he added at the time. “The matter should be resolved in the coming weeks.”
High Court records now confirm that the petition by the Revenue Commissioners was struck out last week.
Core Capital has been involved in hundreds of millions of euro worth of property deals, primarily across Dublin.
It’s one of the companies that’s involved in the Clerys Quarter regeneration project in Dublin.
The latest set of accounts for Core Capital show that it had €6.1m in net assets at the end of February last year, with the company having built up a strong balance sheet since it was founded by Mr McGrath in 2007 to provide investment advisory services to private investors.
Core Capital’s involvement in the multi-million euro Clerys Quarter regeneration is arguably its most high-profile project. The company is a partner on the project, which is being spearheaded by Europa Capital, a unit of New York-based Rockefeller Group. Paddy McKillen Jr’s Oakmount is also a small shareholder in the Clerys venture.
Clerys department store on O’Connell Street closed its doors in 2015 after 162 years of trading on the site. The Clerys name went up on the building in 1883.
The premises was bought by the current consortium in 2018, with tens of millions of euro being spent on its redevelopment through a company called OCES Property Holding, where Mr McGrath is also a director.
OCES noted in its most recently-filed accounts that it is likely to be 2027 before the project is entirely let. In August 2025, Bannon Commercial Property was appointed the company’s managing property agent, replacing Knight Frank.
Losses at OCES narrowed to €15.3m last year from €19m the previous financial year, as it generated more rental income from Clerys Quarter.
Its turnover rose to €1.45m from €169,000 and it provided lease incentives totalling €124,000 during the year.
OCES notched up a non-cash impairment of €5.5m last year, on top of a €15.4m non-cash impairment shouldered in 2023.
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