NAMA’s foreclosure action is continuing at a steady pace into 2013, and today’s edition of Iris Oifigiuil shows that the Agency has had receivers appointed to certain assets of two new and related companies, Castleway International Developments Limited and Castleway Property Management Limited. Both companies are controlled by John McCann of McEnaney Construction fame, a company to which NAMA had receivers appointed in January 2011.
On 30th January, 2013, NAMA had Neil Bannon and Paul Doyle of Bannon to be statutory receivers over certain unspecified assets which secured loans, originally provided by AIB but now acquired by NAMA. The directors of both companies are Rosaleen McCann (78) and John McCann (50).
Remember you can see the list of NAMA’s enforcement actions here and in this regularly updated spreadsheet.
I’m a bit lost at the moment. We had a clutch of the big boys who went wallop very early on. Then we seemed to have a bunch that NAMA was moving against in a preemptive way, of seemed so anyway. But now we seem to be well below the helicopter brigade into a more solid or at least sounder businesses.
Is it at all possible that these businesses, if the loans were converted to equity would survive. Most of the companies have their genesis in the UK one way or another. And trading conditions are distinctly different there.