The downturn in the property market has "had severe consequences" for developers Bernard McNamara, Jerry O'Reilly and David Courtney's ability to "verify the appropriateness of the carrying value" of the assets of one of their major companies which has works in progress worth nearly €500m.

Abridged financial statements for Radora Developments, the vehicle behind the Elm Park scheme in south Dublin, for the year ended 30 November 2007 put a carrying value of more than €485m on works in progress, more than €55m on group debtor assets and €2.5m on financial assets. The directors believe that the property related assets should be carried at cost.

The auditors of Radora Developments said that the "recoverability of the company's assets, namely financial assets, work in progress and debtors is subject to uncertainty due to the downturn in the property market". They inserted an "emphasis of matter – going concern and property valuation" note into the company's abridged financial statement.

Of the €492m-plus due to creditors, more than €430m relates to bank borrowings repayable on demand. The shareholders themselves are due more than €10.3m. The financial statement also states that there was also more than €22.8m due to creditors outside the group within one year and that subsequent to the year end more than 85% of this was paid off.

McNamara owns 56% of the company with Courtney owning 24% and O'Reilly holding a 20% stake.

Radora said it "plans to continue to manage and safeguard its assets" and that in their view the company will continue to receive the support of "its shareholders, connected companies and its principle lending institution in relation to the future financing of the proposed development".

During the year the company sold a partially completed office block to the three men for nearly €33.7m and subsequent to the year end they paid €21m for another office block which had been completed. Contractor Michael McNamara charged the company more than €132m in construction costs during the year.

Meanwhile, the Commercial court is due to hear an application by McNamara's company Donatex for a stay in relation to a case taken against it by private clients of Davy stockbrokers in relation to funding it provided towards the purchase of the €412m Irish Glass Bottle site in Poolbeg which is now said to be worth €50m.