Thanks to Ronald Quinlan in the Sunday Independent today, we learn that NAMA Top-10 developer Bernard McNamara was declared bankrupt in London on 2nd November 2012. The 62-year old Clare man started this year on a positive note with a related company doing great business in Nigeria. NAMA then had receivers appointed to perhaps his most fanciful development, the former Irish Glass Bottle site in Ringsend in Dublin which he bought – in association with Derek Quinlan, a syndicate of private investors and the Dublin Docklands Development Authority – for E412m at the height of the boom. More recently, in September 2012 NAMA has sued Bernard personally in the High Court in Dublin.
Bernard’s address on the bankruptcy record from the UK Insolvency Service is confused and there are in fact four addresses
(Munster Road, Fulham) London SW6 5RG
27 Chiswick, 500 Chiswick High Road, Chiswick
Yeats House, Brackley Terrace, Chiswick, LONDON, United Kingdom, W4 2HJ
22 Ailesbury Road, Dublin
In fact the mansion with the infamous retracting dancefloor with pool underneath at 22 Ailesbury Road was sold for E10m nearly a year ago.
The Sunday Independent claims that Bernard – or “Michael Bernard” to give him his full first names – is still living comfortably and seems to be associated with businesses run by his wife Moira and son, Michael junior. There is a website which promoted Bernard as a property consultant. It is unlikely that Bernard would have benefitted from the imminent introduction of personal insolvency legislation in Ireland which would theoretically reduce to three years the bankruptcy period as there is an upper limit on eligibility of E3m. In the UK, Bernard is likely to be discharged from bankruptcy on 2nd November 2013.
This brings to 19 the number of UK bankruptcies of NAMA developments recorded on here comprising Ray Grehan, Danny Grehan, Tom McFeely, John Fleming, Bernard Doyle, Patrick Fitzpatrick, Tony Fitzpatrick, Paddy Shovlin, Michael Doran, Martin Doran, Alastair Jackson, Fergal McAlinden, Peter McDaid, Mervyn McAlister, Peter Dolan, Sam Thompson, Sean McWilliams and Reginald Tuthill. It should be said that Tom McFeely’s bankruptcy was overturned in the UK and he was subsequently declared bankrupt in Ireland.