There seems to have been an intensification of foreclosure action by NAMA and banks generally in Ireland in the last few weeks. We learn from today’s edition of Iris Oifigiul that NAMA has had receivers appointed to two new companies.
First up is Cork-based Camion Developments Limited, controlled by Mark O’Driscoll and Anton Hunt. On 14th June, 2012 NAMA had Ken Fennell of kavanaghfennell appointed as statutory receiver over sites at Limerick Road, Castleisland, County Kerry on foot of loans from AIB.
Secondly we have Delgrange Properties Limited controlled by Finbar O’Sullivan and his wife Patricia O’Sullivan and a company registered in Jersey. On 2nd July, 2012 NAMA had Michael Cotter of Ernst and Young in Cork appointed as statutory receiver. Delgrange was behind the development of the Manor West Centre in Tralee.
In addition, NAMA has had statutory receivers appointed to Geraldine and Paul Collins’ PGC Development Limited to which NAMA had previously had share receivers appointed in March 2012.
Although it is NOT a NAMA receivership, it is noteworthy that Bank of Scotland (Ireland) has had receivers appointed to a shopping centre controlled by Neil and Clayton Love’s Shipton Group in Cork city. Kieran Wallace and David Swinburne of KPMG have been appointed receivers over the 800,000 sq ft Douglas Court Shopping Centre.