NAMA’s foreclosure action continues apace with news from last Friday’s edition of Iris Oifigiuil that NAMA has had receivers appointed to three related companies, though NAMA has previously appointed receivers to companies in the same group and the group has been the subject of High Court application by NAMA.
On 6th March 2013, NAMA had Stephen Tennent and Gearoid Costelloe, both of Grant Thornton appointed to assets of Mangerton Construction Limited, Oyster Developments (Killarney) Limited and Oyster Developments Limited. All three companies are controlled by Sheila Crowe (57) and David Crowe (57). Oyster Developments Limited has a trading address of 1 Mount Kennett Place on Henry Street in Limerick, an address associated with Limerick solicitor and developer, Paul O’Brien.
NAMA has previously had receivers appointed to Oyster Developments (Cork) Limited, and in October 2012, NAMA obtained a €11.5m judgment against Oyster Developments Limited in a High Court case which also involved Paul O’Brien.