As Ray Grehan basks in the sunshine after emerging from UK bankruptcy today – though there may still be some strings attached – it can be exclusively revealed on here that fellow NAMA developer and founder of Ellen Construction, Martin Doran, who was supposed to emerge from bankruptcy a fortnight ago has had his discharge “indefinitely suspended”. This is confirmed by the record at the UK Insolvency Service which says there’s an “order suspending bankrupt’s discharge under Section 279(3) of the Insolvency Act 1986 until the fulfillment of conditions as specified in the Order made by the Court and effective from 13 December 2012”
The co-owner of Ellen Construction, Michael Doran seems unaffected by this development and his bankruptcy is due to end on 10th February 2013. We did learn from Minister Noonan earlier this year that NAMA was objecting to the discharge from bankruptcy of one developer, but it was believed on here to refer to Northern Ireland developer, Sean McWilliams. The order referred to on the Insolvency Service is not available, but if there is any development, it will be shown as an update on here.