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Saturday 30 August 2014

Property brothers slip free of debts

Ronald Quinlan

Published 06/01/2013 | 05:00

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YET another of Ireland's biggest developers has emerged from bankruptcy in the UK, leaving debts of some €300m behind him.

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Danny Grehan's fresh financial start comes exactly one week after his brother and former co-director in Glenkerrin Homes, Ray, walked away from his own €300m liability, after reaching the end of his own 12-month stint bankrupt in London.

But where Ray Grehan may have seen what he described as the Nama 'noose' removed from him, he could find himself tied up in litigation with the agency for the foreseeable future thanks to disputes relating to the ownership of a number of residential properties, including an apartment in the exclusive One Hyde Park. Mr Grehan is understood to be considering relocating for work to what one source familiar with the matter described as "the far side of the world".

During the period of his bankruptcy, Danny Grehan had been recorded by the UK's Insolvency Service as trading under the name of "Danny Grehan Project Management". It is unclear what his plans are now that he has been released from bankruptcy.

At the height of the boom, the Grehan brothers set the record for Irish land prices, splashing out €171.5m in 2005 for the former Veterinary College site in Ballsbridge.

Sunday Independent

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