NAMA’s enforcement action continues at a steady pace in 2013 and we learn from today’s edition of Iris Oifigiuil that the Agency has had receivers appointed to assets of Irish and European Properties Limited, which is developer Jerry Donovan’s company. On 22nd February 2013, NAMA had Simon Coyle of Mazars appointed as statutory receiver to certain unspecified assets which secured a loan to the company from Anglo Irish Bank.
The directors of Irish and European Properties Limited are Jerry Donovan (70) and Desmond Chauhan (57) and the company is 100% owned by Jerry.
UPDATE: 4th March 2013. The Sunday Business Post yesterday – not available online without a subscription – reports that Irish and European Properties Limited is a “Cork-based” developer, this despite the registered and trading addresses being in Dublin. Of more certain accuracy would appear to be the claim that the company had 12 mortgages from Anglo, and that the individual mortgages were for up to €3m. The most recent accounts for the company are from 2007 when it has assets of €83m and liabilities of €27m – ah, those Halcyon days!