This is hardly groundbreaking news but last week, in addition to appointing receivers to companies associated with Ray and Danny Grehan, NAMA appointed receivers to some apparently smaller companies. Iris Oifigiuil reveals that NAMA appointed Frank Nowlan of WK Nowlan and Associates to the following companies
(1) Mondale Developments Limited and Panimine Limited, both associated with developer Jim Monahan
(2) Frederick J Sutton Limited, a grocery in Rathdrum
(3) Rathdrum Properties Limited, whose directors are Ailish and James (Jim) Monahan
(4) AS Delahunt Limited, an auctioneering business where Tony Delahunt is a principal
The appointment of a property professional as a receiver is a novel innovation pioneered by NAMA aimed at cutting down expenses associated with corporate receivers. And Frank Nowlan’s appointment would appear to be a continuation of that innovation.
Remember that there is a regularly updated spreadsheet showing all of NAMA’s receiverships maintained under the Developers TAB, or directly accessible here.
UPDATE: 11th May, 2011. It seems that the directors of all five companies are James (Jim) Monaghan and Eilish Monaghan from Enniskerry in County Wicklow. The largest of the companies is Rathdrum Properties, which was incorporated in 2001, worked on developments in south Dublin and County Wicklow, including properties in Dalkey, Shankill , Monkstown, Firhouse and Greystones. The latest accounts for the companies up to April 2010 indicate that the auditors had concerns over difficulties in valuing property assets in the current market.
UPDATE: 14th May, 2011. The Irish Independent appeared to have reported this entry in their article on 10th May, 2011. The newspaper incorrectly referred to “Delahunt Limited” and not “AS Delahunt Limited” as correctly stated here. Today The Independent reports a correction to their story and states “IN our edition of May 10, 2011, we published an article headed ‘Developers sign up to repayment plan with bad bank’ which incorrectly stated that receivers had been appointed to an auctioneering business run by Tony Delahunt. Mr Delahunt continues in practice as a licensed auctioneer and is neither in receivership nor NAMA. We apologise to Mr Delahunt for the error and for any confusion caused.” The AS Delahunt Limited that NAMA placed into receivership on 3rd May, 2011 according to Iris Oifigiuil is shown in the notice with company number 77723 and the Company Registration Office confirms that this company number is indeed AS Delahunt Limited with a registered address of Rock Court,
40 Main Street, Blackrock, Co. Dublin. The company is a property company as indicated by its former IAVI status. The Irish Independent had previously reported on a sale by auctioneer Tony Delahunt of AS Delahunt.
NAMA Wine Lake 
@Pau, I meant the innovation was for Ireland. Even NAMA was taken aback with fees for corporate insolvency specialists of up to €800 per hour. NAMA said that as a consequence, it would forge ahead with the use of specialist property receivers in certain cases.
Such miserable negativity. Symptomatic of the thinking and culture of the NAMA leadership.
I just despair. When are they eventually going to do something positive that will restore a market and help lift this economy out of the doldrums?
Stupid question really. There’s nobody in the place with the skill-set for that.
It’s fantastic appointing these receivers but they need fees, maybe not €800 p/hour (although KPMG, Deloitte, PwC and Grant Thornton won’t be too far off) but fees none the less. So NAMA continues to cost us money and until it disposes of it’s portfolio will continue to cost us money.
This has been a very expensive Government subsidy for accountants and lawyers and estate agents. The French farmers should be taking notes…..
NAMA still moving at a snails pace in terms of the 2 large portfolio deals I previously mentioned. I wouldn’t mind but the portfolios aren’t cherry-picked and represent a sensible deal for NAMA
The concept of Fixed charge receivership is not solely a NAMA innovation and has been prevalent in the UK for years. Interestingly Bill Nowlans son is one of the asset managers for NAMA. One with a sceptically mind might make more of this issue”