Friday 20 October 2017

Firm would still be trading if €16m debt was paid

Siobhan Creaton

The property crash has claimed another high-profile victim, with one of Ireland's leading construction companies blaming difficulties in recovering a €16m loan transferred to NAMA for forcing it into interim examinership.

Pierse Construction, which has been successful in winning many of the State's largest projects, has bad debts totalling €30m.

Over half of these bad debts -- €16m -- is owed by Gannon homes, one of the top 10 developers now in NAMA.

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