The BBC is this afternoon reporting that Northern Ireland house builder Dunergan Developments Limited, which went into administration in July 2012, is set to cost NAMA a total of GBP 9m (€12m) with the collapse of property prices in Northern Ireland. The company owes five banks a total of GBP 24m and NAMA will be the main loser from the collapse of the company,
A schedule of creditors – extracts with NAMA loans shown below – shows that NAMA acquired a raft of AIB loans secured on properties right across Northern Ireland. Surprisingly, it seems as if NAMA decided not to acquire Bank of Ireland loans to the company – in the past NAMA has rejected certain loans because of issues with paperwork and security.
The company is owned by the McCann family – Christopher McCann, Eoin McCann, Francis McCann, Hugh McCann, Joan McCann and Michael McCann whose main company is FP McCann Limited which produces a range of manufactured products sold across the UK.