“And by the way, being declared bankrupt in the UK does not mean NAMA loses interest in you – far from it” NAMA chairman Frank Daly speaking on a Dublin radio station in April 2012
First reported in the Sunday Times yesterday – not available online without a subscription – it seems that last week in Dublin’s High Court, the two bankruptcy trustees overseeing the bankruptcy of developer Danny Grehan initiated legal action – case reference 2013/949 P on 30th January 2013 – with the aim of having certain assets including assets allegedly transferred by Danny Grehan, returned to the benefit of creditors in the bankruptcy. Because the legal action has been initiated in Ireland, and not England, the speculation is that it relates to assets in Ireland.
According to the UK Insolvency Service, Danny was discharged from bankruptcy on 6th January 2013, having served his one year bankruptcy period. The main insolvency practitioner in the case is indentified by the Insolvency Service as Geoffrey Lambert Carton-Kelly of Baker Tilly Restructuring and Recovery LLP.
In the High Court application, the applicants are named as Geoffrey Carton Kelly and George Maloney, both represented by solicitors Gartlan Furey. The respondents are named as Daniel Joseph Grehan and Graham Grehan and as is usual with recently-filed applications, there is no solicitor on record for the respondents.
The Court Service confirms that Ray Grehan is NOT a party to this action – Ray was discharged from bankruptcy in the UK on 30th December 2012. Nor is NAMA a named party, though it is likely that NAMA is the main creditor to Danny Grehan, having obtained a near-€300m judgment in 2011 against Danny in Dublin.
The NAMA chairman Frank Daly has darkly warned developers that just because they get a quickie bankruptcy outside Ireland doesn’t mean NAMA loses interest in them. This is the present list of non-Irish NAMA bankrupts – that we known about, the list is probably not exhaustive.