Developer Danny Grehan follows brother Ray and is declared bankrupt in Britain
PROPERTY developer Danny Grehan has followed in the footsteps of his brother Ray and declared bankrupt in Britain.
The Grehan’s most high profile development move was the purchase of the UCD Veterinary College in Ballsbridge back in 2005 when they paid a record near €84m per acre.
The site is currently being used as a car park and is valued at €20m.
Ray Grehan declared bankrupt in Britain last month.
The brothes were ordered by the courts to repay over €300m each to NAMA last year.
British bankruptcy proceedings are more lenient and they free an applicant from overwhelming debts, subject to restrictions, and share out assets fairly among creditors, according to the UK Insolvency Service.
It also means they emerge out of the process in a year – under current rules it is 12 years here but there are proposals to reduce that figure to five.