NAMA swoops to appoint receiver over ailing Capel Developments
The National Asset Management Agency (NAMA) swooped on Dublin property company Capel Developments yesterday, appointing a receiver to the group that's weighed under by more than €100m in debt.
Sources confirmed last night that Simon Coyle of Mazars had been appointed by the agency to the firm, which was controlled by directors Liam Kelly, John O'Connor and Edward Keegan and has been involved in a number of high-profile projects.
NAMA is becoming increasingly aggressive with clients who have not submitted viable business plans to support realistic schemes for the repayment of significant bank debt that's now owned by the taxpayer.
Last week NAMA appointed a receiver to luxury homes belonging to businessman Derek Quinlan and his family.
Telephone calls late yesterday to Capel Developments' head office were unanswered, while a person who answered Mr O'Connor's home phone said they had "no comment" to make.
Capel Developments has been strike-off listed by the Companies Registration Office since April 10. It hasn't filed accounts since April 2009. That last filing, of its accounts for the financial year to the end of February 2008, shows the company made a €43.6m loss that year and had a revenue reserves deficit of €36m.
Yesterday, the Irish Independent reported that Capel Developments' subsidiary, Natworth, slashed €3.3m off the value of the four-star Portmarnock Hotel & Golf Links in north Dublin in 2009, bringing its likely market value to as little as one-quarter of its €70m price tag in 2005, when it was purchased by Capel.
The hotel complex -- which is unrelated to the older Portmarnock Golf Club members' course -- had been provided as security for a loan to the value of €47.8m from Allied Irish Banks to Natworth's immediate parent firm, Potquality Investments.
In 2008 Capel Developments slashed the prices of apartments in a project near Ashtown on Dublin's northside by up to €100,000 as the downturn took hold. Within a week it had sold 60 units.