Despite only spending a measly €355,000 on portfolio management fees for the first three months of 2012 – an expense heading which includes receiver costs for which NAMA has budgeted to spend €33m in 2012 – the Agency continues to appoint receivers with gusto. Yesterday’s edition of Iris Oifigiul reveals that the Agency has added seven more companies to its bag.
New Quarter Limited is jointly owned by NAMA Top-10 developer, Bernard McNamara and Durkan Residential Limited. Its directors are Barry Durkan and Patrick Durkan. And NAMA had Declan Taite and Patrick Brennan of RSM Farrell Grant Sparks appointed receivers of 19th July, 2012.
On 25th July, 2012 NAMA had Simon Coyle of Mazars appointed as receivers to Blackthorn Securities Public Limited Company whose directors are Derek O’Leary and Reginald Stuart Tuthill. The company has eight shareholders – Alan Woods, Christian Carroll, Culpepper Limited, John O’Donovan, Peter Walsh, Reginald Stuart Tuthill and Trentmount Limited (Derek and Belinda O’Leary company).
On 24th July, 2012 NAMA had Simon Coyle of Mazars appointed as receivers to Sandyford Forum Developments Limited whose directors/owners are Derek O’Leary and Reginald Stuart Tuthill.
Maycombe Developments Limited is owned by Derek O’Leary and Reginald Stuart Tuthill and NAMA had Simon Coyle of Mazars appointed as receiver on 24th July, 2012
Glenville Hotel Investments Limited whose directors are William O’Connor and Randal Doherty and whose company secretary is 75-year old George Valentine Byrne had Declan Taite and/Anne O’Dwyer of RSM FGS Partnership appointed receivers on 23rd July, 2012. The company is jointly owned by Eileen Doherty and Randal Doherty.
Fairview Building Company Limited is the Dublin-based construction company owned by Martin Doran and Michael Doran, whose flagship Ellen Construction Limited was recently the subject of a NAMA receivership. Ken Fetherston owns one third of the company. Both Martin and Michael Doran have successfully declared themselves bankrupt in the UK. Declan Taite and/Anne O’Dwyer of RSM FGS Partnership appointed receivers on 23rd July, 2012
Fernland Limited is the Dublin based developer owned by brothers Michael and Martin Doran and brothers Ken Fetherston and Michael Fetherston. Bernadette Fetherston is also a director. NAMA had Declan Taite and/Anne O’Dwyer of RSM FGS Partnership appointed receivers on 23rd July, 2012.