independent

Friday 25 April 2014

Bankrupted property developer Ray Grehan is ready to restart business

HAVING only declared bankruptcy in the UK last December, one would imagine developer Ray Grehan might take some time out to consider his next career move.

Not a bit of it. Records just filed with the Insolvency Service in London show how the man who famously paid €171m (€84m an acre) for the Veterinary College site in Ballsbridge at the height of the boom is already back in business, albeit in a manner dictated by the legal constraints imposed by the terms of his bankruptcy. Judging by the establishment of Ray Grehan Project Management, the Galway-born developer is clearly eager to be up and running properly by the time his period of bankruptcy comes to an end with an automatic discharge on December 30.

Not that anyone should be too surprised by Mr Grehan's latest move.

Speaking to the Sunday Independent last January, he spoke of his determination to shake off what he described as the "noose" Nama had put around his neck, and get back to work as soon as possible.

On this, he said: "I've been approached by several funds to head up various property portfolios for them. Nama has been adamant that clients of theirs cannot get involved in heading up funds and that curtailed my activity in the Irish market. By doing this (declaring bankruptcy), maybe it will free me up from that and leave me in a better position to rebuild, rather than staying on and allowing Nama to prolong that agony with a noose around my neck over several years."

Mr Grehan's decision to go the UK bankruptcy route in the dying hours of 2011 came just weeks after Nama obtained a judgement for €312m against him in the High Court.

Mr Grehan could not be contacted for comment.

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