“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 during radio interview in April 2012
On Friday last, it was reported in Iris Oifigiuil that NAMA had receivers appointed to Tivway Limited, a company already in receivership and liquidation. Tivway was one of Cork developer’s John Fleming’s main companies.61-year old John – pictured here – was discharged from bankruptcy in the UK in November 2011 after submitting himself to the UK’s one-year bankruptcy period in November 2010, and he might have expected last November that he could get on with his life without looking over his shoulder.
He didn’t figure on NAMA which was reported by the Irish Times in March 2012 to be pursuing John for a so-called “income purchase order” which would entitle NAMA to garnish his income for the next three years. That application in the British courts is ongoing, but we get further detail today about NAMA’s plans in the Sunday Independent where Tom Lyons claims that NAMA is now pursuing John’s pension, with Louise Brittain of Deloitte apparently appointed to review the matter on NAMA’s behalf.
Although pensions are not protected under Ireland’s archaic and draconian bankruptcy law, they are under UK law, but there limitations on protection, and the Sunday Independent cites an Irish company that facilitates UK bankruptcy for Irish people, who says that Irish pensions need be transferred to approved UK pensions before they become protected.
John Fleming’s property empire collapsed with debts of over €1bn, and it emerged that John was hopelessly bankrupt and given his home and business in theUK, it seemed natural he would seek bankruptcy as a solution to an impossible situation. But having emerged from theUK’s relatively lenient one-year bankruptcy term, it now seems NAMA continues its hot pursuit of outstanding debt, perhaps to decourager les autres.
Last week, it was reported that NAMAed developer and solicitor Noel Smyth has changed his registered address from Dublin to south London, but he specifically denied this was a precursor to a bankruptcy application. We are still unclear as to why Spain Courtney Doyle has relocated to London.
UPDATE (1): 22nd April, 2012. With thanks to WSTT below and Gavin Daly in the Irish edition of the Sunday Times today (available with subscription), we learn that NAMAed developer Patrick Fitzpatrick had been declared bankrupt in the UK. In well known financial distress for some time, Patrick together with his brother Tony and racing car enthusiast/developer Paddy Shovlin were at the receiving end of a NAMA judgment order in October 2010, and have lately seen their Beacon South Quarter and other assets including 1 King William Street in the City of London sold off to pay their debts. Here is Patrick’s bankruptcy record at the UK’s Insolvency Service.
Gavin also reports at the Sunday Times today that the developers behind Ellen Construction, Martin and Michael Doran have also both been declared bankrupt in the UK. Ellen Construction wasn’t publicly associated with NAMA though it is understood it had borrowings from non-NAMA bank, Ulster Bank. Here are the two bankruptcy records.
UPDATE (2): 22nd April, 2012. The value of John Fleming’s pension pot is in doubt. It is referred to in today’s Sunday Independent as “multimillion” but a report in the highly detailed article in the Southern Star last November 2011 said it was worth just over €527,000.