It’s becoming clear that there has been no pause at NAMA in its foreclosure action following the Treasury Holdings judicial review case which said that – in the context of Treasury, but Treasury’s circumstances were hardly unique – that NAMA didn’t follow fair procedures, that it should have consulted with the developer before deciding to appoint receivers and that NAMA’s decisions are open to judicial review. We learn from today’s edition of Iris Oifigiuil that NAMA has had receivers appointed to three related Dublin companies. The receivers were appointed on 9th August, 2012 and each of the three cases, the receivers are Brendan Hanratty and Patrick Brennan from RSM Farrell Grant Sparks.
Each of the three companies has a registered office at 39/40 Upper Mount Street in Dublin 2.
First up is Shilden Developments Limited whose directors are Eilish Breen (47) and Laurence Breen (45) and its shareholder is Brookgate Developments
Secondly, there is Choice Properties Limited whose directors are Eilish Breen (47) and Laurence Breen (45) and its shareholder is , Brookgate Developments and Laurence Breen
Lastly there is Brookgate Developments Limited whose sole director is Pat Fox and shareholder is Breen Holdings Limited
Brookgate was associated with the development of Manor Park Hospital in Dundalk.
Remember you can see a comprehensive list of Irish foreclosure action by NAMA here and in this regularly updated spreadsheet.
Frank must have redone his numbers on the cost of receivers. You would get a lot of share receivers, even at €700 per hour, for the amount of State assets being transferred from under Frank’s nose.
Is the €700 per hour a ‘Registered Agreement’ rate of pay or is it just the equivalent of a NAMA ‘luv you to bits’ hug?
Nevertheless I agree with NAMA on it receivership/liquidation strategy. It collection attempts was being utterly compromised and futile without control.
Frank &Co and the board should be asked to publicly admit that their ‘working with’ strategy was a complete and utter nonsense and has cost taxpayers billions.
In fact the whole NAMA board should be fired for such an asinine policy position that to date has cost taxpayers billions.
@JR, NAMA’s policy is akin to the “Ballroom of Romance” much beloved by Maeve Binchy and a few golden oldies from the time of the showbands, It is especially reminiscent of festive nights at the same location.
When you entered you were met by an unreal environment; a crystal ball sparkling in the centre of the hall, twinkling in the reflection of the spotlights. A huge net full of balloons waiting for the master of ceremonies to pull the cord that would release the balloons and let them fall so that the festivities could commence.
I agree with you, PULL THE CORD! – put the grippers in, put all these greedy wasters of developers in the “liquidiser”, let the prices fall and let the party begin!
I have got to stop being a such a cynic. The point is that either by happenstance or design NAMA has become a property holding agency. It knows its limitations and cannot manage property. It therefore needs the debtors to do it or in the alternative, when the debtors won’t co-operate or when NAMA has an agenda of its own – the receivers. In the Irish market, it sells the rubbish and is holding everything else.
In this it has a common policy with the UK’s bad bank RBS (known here as the Ulster Bank). the Ulster Bank is following a policy of bullying its clients out of their assets and selling them to its own holding fund – West Register.
Two government owned financial institutions, both with the same policy. Take the assets, hold them until the market returns at some point in the future and take the profits at that point from whatever mug will buy them then.
The problem is that the banks’ masters, the politicians and the DoF, are not allowing property to fall to its real market level. Until it does there will be no recovery in the domestic economy. Property is unsustainable at the current supported levels. It’s a waiting game, NAMA and West Register on one side and the vultures (the only ones with money) on the other. In the end, the assets will sell at the lower real level, not at the false one – no matter how long the banks hold. The sooner it happens the better.
But since the night of September 29th 2008, it has been one misguided set of decisions after another. This one is no different.
What are the practicalities of how West Register operates? Eg. Do they tell people to sell on the open market and then act as a buyer of last resort if there are no other takers? I only ask because Turkingtons sold this earlier this year in the north and it was simply reported as an investment buy without any mention that West Register were the buyers
http://www.osborneking.com/siteFiles/resources/pdf/properties/gs4.pdf
CBRE – General – Irish ownership declines as pressured investors sell West End retail
http://www.propertymall.com/press/article/29037?utm_medium=email&utm_campaign=Commercial+Property+News&utm_source=YMLP&utm_term=…