It emerged at the Commercial Court division of the High Court yesterday that one of the developers being pursued through the Irish courts by NAMA was in fact declared bankrupt in London on 29th August 2012. Reginald Stuart Tuthill, aged 63, currently resident in an upmarket part of London but formerly resident in Clondalkin is described as a “self employed property consultant” on the bankruptcy record shown above. His current address is given as 147 CRANMER COURT, LONDON, SW3 3HF but according to the Irish Times, his former address was Tower Road, Clondalkin, Dublin.
Along with his business partner, Derek O’Leary – coincidentally also a former Dublin resident but currently resident a stones throw away from Reginald at an address on Gatliff Road in Westminster, London SW1 – and three of their companies, they were being sued by NAMA on foot of loans and guarantees involving AIB.
In the end, judgments of €24m apiece were granted against Messrs Tuthill and O’Leary and €91m against two of the companies – Sandyford Forum Developments Ltd and Blackthorn Securities plc – and a third judgment is in the offing against Maycombe Developments Limited once some bureaucratic issues are addressed. The judgment against Stuart Tuthill was adjourned “because [he] was adjudicated a bankrupt a day before proceedings were served on him”. It is not clear from the Irish Times piece why this would be an impediment. In fact NAMA made the application in the High Court on 28th August 2012, one day before the bankruptcy order was obtained in London.
Reginald’s bankruptcy brings to 18 the number of UK bankruptcies of NAMA developers recorded on here comprising Ray Grehan, Danny Grehan, Tom McFeely, John Fleming, Bernard Doyle, Patrick Fitzpatrick, Tony Fitzpatrick, Paddy Shovlin, Michael Doran, Martin Doran, Alastair Jackson, Fergal McAlinden, Peter McDaid, Mervyn McAlister, Peter Dolan, Sam Thompson, Sean McWilliams. It should be said that Tom McFeely’s bankruptcy was overturned in the UK and he was subsequently declared bankrupt in Ireland.
Details of the NAMA application were reported here.