Business Irish

Sunday 17 November 2019

McNamara finally discharged from his €1.2bn bankruptcy

Bernard McNamara: discharged from bankruptcy
Bernard McNamara: discharged from bankruptcy

Peter Flanagan

DEVELOPER Bernard McNamara has finally been discharged from bankruptcy, it has emerged.

Mr McNamara, who counted the likes of the Shelbourne Hotel and the Burlington Hotel among his conquests during the boom, was formally discharged of his €1.2bn bankruptcy last week.

He had been scheduled to emerge from bankruptcy last November, but that process was delayed after a challenge in the British courts.

Under English insolvency laws, bankrupts are entitled to be discharged after one year, assuming the relevant conditions are met.

However, the trustees of the bankruptcy can object to the discharge if they are unhappy with the bankrupt's behaviour, or believe he hasn't co-operated.

Mr McNamara was one of the country's largest developers during the boom and acquired a host of trophy properties across the country.

Apart from the Shelbourne and Burlington, he also counted the Parknasilla Hotel in Kerry among his trophy investments.

However, his biggest deal was for the former Irish Glass Bottle site in Dublin, which a consortium he was involved in paid €412m for in 2006. That site is now valued at little more than one-10th of that.

Mr McNamara moved to London in early 2011 to establish England as his centre of main interests, which allowed him to avail of a fast-track bankruptcy.

Irish Independent

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