Receiver puts McNamara firm's assets up for sale
Published 20/11/2010 | 05:00
The receiver appointed to Bernard McNamara's building company, Michael McNamara & Company, has put its main assets up for sale.
Declan Taite, of Farrell Grant Sparks, has invited offers for the business and for its assets, that include substantial work in progress sites, large premises in Dublin and Galway, plant and machinery and motor vehicles.
The business also retains what the receiver describes as an experienced and technically skilled labour force that come with it.
The company went into receivership following a legal action by the National Asset Management Agency (NAMA) as part of its efforts to recover the millions owed to Irish banks.
The receiver is expected to put Mr McNamara under further pressure as he seeks to recover loans owed to Michael McNamara & Company by other companies controlled by the property developer. Separately, insurer Friends First will be asking the High Court to wind up Radora Developments, a company that developed the Elm Park office and apartment complex in south Dublin.
Mr Taite has already closed down the company's sites and laid off half of its 110 staff.
The asset sale is the next part of the process to recover as much money as possible to pay off the debts Mr McNamara owes. He personally owes about €1.5bn.
Michael McNamara & Company owes more than €20m to creditors and subcontractors. The company had made profits of €6m in the previous six months and had not been seeking funding from NAMA.
But it was the debts owed by other companies controlled by Mr McNamara that prompted NAMA to seek to wind the company up.