It was noteworthy earlier this week when Minister for Finance Michael Noonan provided an analysis of NAMA’s 2012 projected expenditure to Sinn Fein’s Gerry Adams that the Agency had reduced its projection of 2012 receivership costs from €75m to €33m. For anyone who thought this presaged an easing in the NAMA position on developers, today’s announcements in Iris Oifigiuil show that the NAMA foreclosure machine continues apace without let-up. And perhaps “slew” is the correct collective noun for developers!
It’s a motley collection of developers. First up, and possibly to commemorate the scheduled release from jail of its directors, NAMA has had Simon Coyle of Mazars appointed to two Wexford companies, Goff Developments Limited and Montfield Properties (Wexford) Limited. Two directors of Goff, Damien Goff and Francis Goff were jailed last September 2011 after failing to pay pension contributions in their building company. They were sentenced to five months, which presumably expired on Wednesday this week when NAMA had receivers appointed. [CORRECTION 17th December 2012. The sentences were reportedly dropped following an appeal to the Wexford Circuit Court in 2012, according to the December 2012 edition of The Phoenix. This was after the court heard that Francis Goff had repaid €30,000 to the pension scheme.]
Elsewhere NAMA has had Luke Charlton and David Hughes of Ernst and Young appointed as receivers to Albion Enterprises Limited, the south Dublin docklands-based developer which racked up a string of residential developments across the capital in the last decade including Belmont Hall in Gardiner Street, Temple Hall in Parnell Street, Shrewsbury Lodge in Cabinteely Village, Dublin and Heath Square in Finglas, Dublin 11. This is an unusual receivership in that NAMA had reportedly gone to court after another creditor MCR Personnel had apparently petitioned the courts to haveAlbion wound up. NAMA was obviously successful in blocking the winding-up attempt.
Next up we have what seems like tidying up loose ends at former Irish residential building giant McInerney with Michael McAteer/Gearoid Costelloe of Grant Thornton appointed as receivers to McInerney Contracting Limited.
Then we have Park Avalon Developments Limited, a Clare based developer.
And lastly we have a group of what appear to be companies associated with the Limericksolicitor/developer, Paul O’Brien. Michael McAteer/Gearoid Costelloe of Grant Thornton have been appointed as receivers to Whiteband Investments and Newreed Taverns Limited. Last month, NAMA had receivers appointed to other companies controlled by Paul O’Brien and indeed in January 2012, NAMA had receivers appointed to still more companies controlled by the solicitor whose partner in his law firm, Denis McMahon was reported by RTE in January 2012 would be tried at a future sitting of the Limerick Circuit Court in a fraud case, which it was said “would be fully contested”.
Remember you can see a comprehensive list of Irish foreclosure actions by NAMA here and in this regularly updated spreadsheet.