In yesterday’s Sunday Times (behind a paywall, I’m afraid), journalist Gavin Daly reveals yet another Irish developer casualty, with news from the UK Insolvency Service that Tony Fitzpatrick has been declared bankrupt in a London court. This brings to at least 14* the number of NAMA developers that have been declared bankrupt in the UK.
Tony’s brother Patrick Fitzpatrick was declared bankrupt in the UK on 12th April, 2012 and their partner in the Beacon South Quarter development in Sandyford in Dublin, Paddy Shovlin, was declared bankrupt on 29th May 2012, again in the UK. It seems that Tony Fitzpatrick and Paddy Shovlin are practically neighbours given the addresses given by both on their bankruptcy application – Tony lives at 11 Clark House on Coleridge Gardens in Earl’s Court, London SW10 whilst Paddy resides at 14 Mathison House on Coleridge Gardens. Just two ordinary bankrupts in a better part of the mixed-character Earl’s Court district in south west London!
NAMA recently claimed it was neutral on the jurisdiction in which its developers were declared bankrupt, and pointed to the expertise of UK bankruptcy officials in tracing assets across borders. In the UK, the standard bankruptcy period is 12 months. In Ireland for those with debts over €3m, it is 5-12 years and that is not changed by the recent introduction of a Personal Insolvency Bill which holds out the promise of a 3-year bankruptcy period for those with debts of less than €3m.
* Ray Grehan, Danny Grehan, Tom McFeely, John Fleming, Bernard Doyle, Patrick Fitzpatrick, Paddy Shovlin, Alastair Jackson, Fergal McAlinden, Peter McDaid, Mervyn McAlister, Peter Dolan, Sam Thompson.
UPDATE: 9th July, 2012. As pointed out by Gavin Daly below, there are two more names to add, Michael Doran and Martin Doran, who were declared bankrupt a couple of months back and that was reported by Gavin. A couple of weeks ago, NAMA had receivers appointed to their company, Ellen Construction.