Bernard McNamara's company Tandrelle, which is involved in construction and civil engineering, is "reviewing its cost structure in light of the downturn in the economy with a view to improving efficiencies where possible", according to a note in its latest accounts.

It states that Tandrelle's directors believe the company will "continue to receive the support of its shareholders and the principal lending institution of the company".

The company had fixed assets of €2.2m for the year ended 31 March 2008 compared to €2.4m at the end of the previous year. Total net liabilities stood at more than €560,000 at the end of March 2008, up from €542,000 the previous year.

In March, a mortgage charge was registered by Bank of Ireland against the company's 2002 Agusta A109 helicopter.