NAMA is developing a history of being neutral when winding up petitions are made against developers who are indebted to the Agency. It was neutral on McInerney, neutral on Treasury until details emerged of a controversial sale of a company to one of the Treasury directors and today, it is reported to be neutral on the winding up of Cork property company John F Supple Limited which apparently owes the Agency €20m.
The Irish Examiner reports that yesterday in the High Court, Edmond Cahill was appointed as liquidator to the company on foot of a €75,000 debt.
The company is majority-owned by 75-year old John Finbar Supple with Patsy Supple and Brian Herlihy owning the remaining shares. It is a developer of commercial premises and I see that John F Supple himself is apparently co-owner with Jack Callan of a Cove Street, Cork premises which is leased to the Cork Probation and Social Welfare Service and in 2010, a €300,368 rent payment was made.