According to yesterday’s edition of Iris Oifigiuil, NAMA has appointed a receiver to yet another Cork-based developer, Dwyer Properties Limited. It looks like a property receivership, rather than a share receivership, since the receiver is Frank Ryan of DTZ Sherry Fitzgerald. Dwyer Properties has been in liquidation since June 2010, so this latest move by NAMA seems to be aimed at improving its position in recovering outstanding loans. Associated with David Dwyer, the company was responsible for a 52-house development at Mariners Cove, Baltimore, Cork.
Separately the Irish Examiner reported yesterday that NAMA has sought to liquidate two companies in the Ray and Danny Grehan empire, Glenkerrin Properties Limited and Glenroyal Leisure Limited. The public breakdown in relations between NAMA and the Grehans is a highlight of this year, with both sides seeming to take the matter personally – indicated by Ray’s public pronouncements and NAMA’s apparent zeal with pursuing assets and dealing with the family’s assets. NAMA’s application to appoint liquidators to the two Grehan companies is being contested at the High Court and the case continues. Interestingly the Examiner reports that the addresses of both of the Grehan brothers are in the UK – Bateman’s Row, Shoreditch, London (Ray) and Princes Park Parade, Hayes, Middlesex (Danny). There has been speculation that the Grehans may file for bankruptcy in the UK – another NAMAed developer John Fleming (pictured here in a recent information-rich article by the Southern Star) is due to emerge fromUK bankruptcy this coming week.