Nama is to shut down more property developers as early as this week, as it moves to take control of some of the country’s biggest borrowers.
The agency is also expected to take action against other companies belonging to developer Bernard McNamara, after putting his building firm Michael McNamara Construction into receivership late last Thursday. Informed sources said other developers also faced action in the near future as Nama accelerated its work.
One source said that Nama had been ‘‘getting its ducks in a row’’ for legal proceedings for a number of months, with the appointment of a panel of insolvency experts and lawyers. The agency is expected to target groups where construction companies are owed significant sums by related development firms, as was the case with McNamara.
‘‘We will see Nama move to appoint more receivers itself," said one source. A spokesman for Nama said Michael McNamara Construction ‘‘agreed to the appointment of FGS as receiver by agreement with Nama’’.
The agency is working its way through almost 30 business plans from developers, although the figure includes multiple plans from some developers.
At a meeting with McNamara last Wednesday, it unexpectedly rejected the business plan for Michael McNamara Construction and appointed Declan Taite of FGS as receiver the following day.
The company’s sites have been shut down, about half of its 110 staff have been laid off and the business and its assets are likely to be advertised for sale this week.
It owes its creditors more than €20 million, and some sub-contractors claim they have not been paid for several months.
14 November 2010
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