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NAMA has receivers appointed to development company less than a month after its founder died

May 21, 2012 by namawinelake

According to the insolvencyjournal.ie. NAMA has had receivers appointed to Wexford developer Pat Neville and Sons Limited, the directors of which are Patrick Neville and Sinead McCarthy. Jim Stafford of Friel Stafford was appointed receiver on 14th May, 2012.

The company was incorporated in 1989 and started life doing contract work for local authorities in Wexford and Dublin. In the 1990s, the company started its development business with projects in Dublin, Louth, Carlow and Wexford.

According to the Wexford People, “the company portfolio included numerous housing developments, hotels and commercial units such as Stillorgan Park Hotel, Glenview Hotel, Co Wicklow, Brackenwood, Balbriggan,Riverside Drive,Dundalk, Ard Alainn, New Ross and Woodside, Bettystown. The company was also involved in building several housing developments in Drogheda, Co Louth, Balbriggan, Co.Dublin, and in New Ross, Gorey and Courtown.”

The founder of the company and apparently the company secretary, Pat Neville is reported to have died in the United States last month at the age of 62.

The appointment has not yet been confirmed in Iris Oifigiuil. There has been an hiatus of foreclosure activity by NAMA since 25th April, 2012 when NAMA had receivers appointed to companies in the Treasury Holdings group. Prior to that, NAMA had been foreclosing on loans on an almost-weekly basis.

Remember you can see a comprehensive list of Irish foreclosure action by NAMA here and in this regularly updated spreadsheet.

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Posted in Developers, Irish Property, NAMA | 1 Comment

One Response

  1. on May 22, 2012 at 3:25 am who_shot_the_tiger

    Another well regarded, competitive builder gone. We are like the Irish in Jonathan Swift’s “Modest Proposal” who eat their young.

    “For first, as I have already observed, it would greatly lessen the number of papists, with whom we are yearly overrun, being the principal breeders of the nation as well as our dangerous enemies …”
    “A Modest Proposal,” p. 210

    The point being made was that if the Irish children were eaten, there would be fewer Irish Catholics to contend with.

    One less good professional developer to pick up the pieces and put people back to work. A self defeating action by a NAMA entity apparently only capable of impotent and brainless actions.



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