Bust developer Bernard McNamara walks free of debts of up to €1bn
THE bust developer Bernard McNamara walked free from his massive debts today after he was discharged from bankruptcy in the UK.
McNamara, who owed an estimated €1bn, followed the exodus of broke Irish developers to the UK to avail of the country's lenient bankruptcy laws.
The UK insolvency register confirmed today that Michael Bernard McNamara, who described himself as a property consultant, has been discharged of his debts.
McNamara went bankrupt in November 2012, two years after he moved to London.
According to his bankruptcy file which was released earlier this summer, he was still earning large sums when he first moved to London in 2010 to escape his debts.
Documents showed he earned €138,000 in consultancy fees a year, paid Stg£800 a month to lease a car, and paid the €6,000 a month rent on his Chiswick property two years in advance.
By the time he went bankrupt last year, McNamara said he had just £800 in cash and a £8,000 in his bank account.
One of the biggest developers of the boom, McNamara, a former Fianna Fail councilllor, owned hotels and office complexes across the country and lived in a mansion in Dublin 4.
Mr McNamara tried to block the release of the bankruptcy documents detailing his income and expenditure to a Sunday newspaper during the summer. But a court ruled that they should be released to the press.