On Wednesday this week, the NAMA chairman told an Oireachtas oversight committee that NAMA was working with two thirds of developers. The other one third has seemingly been subjected to foreclosure action – receivers, administrators and liquidators appointed and in some cases, the companies and individuals have been chased through the courts. The reckoning on here is that NAMA has had receivers appointed to over 200 companies but in some cases, individual companies may be part of the same group. So NAMA is generating a strong demand for insolvency professionals and we all know this. And less than two years ago, NAMA appointed panels of insolvency professionals for foreclosure work in Ireland and the UK.
So it came as a little bit of a surprise that yesterday the Agency issued a new tender for insolvency professionals. NAMA is seeking tenders for the following panels
(1) Insolvency Practitioners (corporate) for Ireland
(2) Insolvency Practitioners (corporate) for the UK
(3) Insolvency Practitioners (fixed charge) for Ireland and
(4) Insolvency Practitioners (fixed charge) for UK
Asked how these tenders sit with the existing panels and if the existing panels were being stood down, a NAMA spokesman would merely say this morning that the new panels are the ones from which appointments will be made.
NAMA said on Wednesday at the Oireachtas that it was not black-listing companies touched by the Enda Farrell affair, which will come as a relief to Ernst and Young, former employer of Enda Farrell’s wife, Alice Kramer.
The deadline date for submission of tenders is 19th November 2012 and the full tender document is available here.
UPDATE: 2nd November 2012. NAMA has “clarified” that there is no longer a minimum turnover for eligible tenderers. The previous requirement was E2m in each of the last three years. That requirement has now been removed. The clarification is here.