In the Swedish bad bank in the 1990s, the majority of the 800 developers and property companies whose loans were taken over were eventually bankrupted or liquidated; Securum moved against 70% of its developers, and the signs are that NAMA is going to also foreclose on a significant number, if not the majority, of its developers. In yesterday’s edition of Iris Oifigiuil we learn that NAMA has had receivers appointed to embattled Clare developer Cronan Nagle Construction Limited. On 15th October 2012 NAMA had Declan Taite and Anne O’Dwyer of RSM Farrell Grant Sparks appointed as joint statutory receivers to the company.
Cronan Nagle is owned by the Nagle family and its two directors are Cronan Nagle (59) and David Nagle (36). It is best known for the development of hi-tech low-carbon footprint estates in and around Ennis in countyClare. It has been in the financial wars for several years and is already subject to a receivership.