In the Bacon report published today, there is some criticism of NAMA in adopting what is characterised as an adversarial position towards developers, and for NAMA merely stepping into the shoes of the original banks rather than delivering a mediated new asset management mentality. NAMA will probably remind you that it has debts to collect! And today’s Iris Oifigiul details new appointment of receivers to seven companies.
First up is JHB Limited to which NAMA had Simon Coyle of Mazars appointed receiver on 1st June. JHB Limited was a Fitzpatrick company controlled by brothers Tony and Patrick, and founded by the father Paddy. Simon Carswell at the Irish Times first reported the receivership here, and the principal asset of the company appears to be a mobile home park adjacent to Brittas Bay in county Wicklow.
Next up we have The Kilrush Motor Company Limited, which is already in liquidation. NAMA has had Billy O’Riordan and Michael O’Regan of Pricewaterhouse Coopers appointed as receivers on 5th June 2012 . The company was controlled by Michael O’Dea junior and his wife Mairead O’Dea, and the appointment apparently relates to development land in county Clare.
Thirdly and fourthly, we have Cracken Properties (Holdings) Limited and a separate company Cracken Properties Limited. NAMA has had Billy O’Riordan and Michael O’Regan of Pricewaterhouse Coopers appointed as receivers to both companies on 5th June 2012. Both companies were controlled by Clare developers John Shee and Joe Hanrahan who came to attention on here in April 2012 when NAMA won a court battle to stop lawyers who had acted in a case related to the pair taking possession of properties in Ballyvaughan, county Clare – the company at the centre of that case was Megcourt Developments Limited and NAMA has also had appointed the PwC duo as receivers to that company on 5th June 2012 also. John Flanagan is a director Megcourt alongside Messrs Shee and Hanrahan. A related company is Wadlow Limited also controlled by Messrs Shee and Hanrahan an to which the PwC duo were appointed receivers also on 6th June 2012, the properties subject to the receivership appear to be in Limerick and Larry Kelly is also a director of Wadlow Limited.
And the seventh and last company reported in today’s Iris Oifigiul is Park Lodge Holiday Hostel (Limerick) Limited, which is also a Messrs Shee and Hanrahan company in which Patrick Whelan is a director. The company operates the Park Lodge Holiday Hostel on the Dublin Road in Limerick and the PwC duo of Billy O’Riordan and Michael O’Regan were appointed receivers on 5th June 2012.