Last week, according to Iris Oifigiuil, NAMA appointed Statutory receivers within the meaning of the NAMA Act to two companies . The first, St James’ Developments Limited, might be described as a Capel group company – remember NAMA appointed receivers to a Capel group companies in April 2011 and has also commenced proceedings to obtain judgments against Capel directors personally, the directors being Edward Keegan, John O’Connor and Liam Kelly . What is a little odd about this latest receivership is that NAMA had already appointed Simon Coyle of Mazars as receiver in April 2011 to the same company, but on foot of different loan securities. I have noticed this of late – NAMA appointing receivers more than once to companies on foot of different securities. One interpretation might be that a security was imperfected or missing when the first appointment was made.
The second company to which NAMA appointed receivers was Colca Developments Limited, a company associated with Derek Quinlan, Bernard McNamara, Patrick Mooney – the so-called “Scott Partnership”. The company was associated with the development of a site on Sir John Rogerson’s Quay in the south Dublin Docklands. NAMA appointed Con Cronin of GVA Donal O’Buachalla to assets of the company.
Remember you can see a comprehensive list of Irish foreclosure action by NAMA here and in this regularly updated spreadsheet.
NAMA Wine Lake 