| 8.1°C Dublin

NAMA appoints 'super receiver' to Carroll group

THE process of untangling Liam Carroll's massive property empire can finally begin after Nama yesterday appointed a "super receiver" to draw up a business plan for the embattled group.

An insolvency specialist from accountancy firm Deloitte has been drafted in as principal receiver to help Nama secure repayment on loans of about €650m.

The news comes more than 18 months after a raft of banks installed receivers across Mr Carroll's empire after an examinership bid failed.

Nama has since taken on a €650m pile of loans advanced by AIB, Bank of Ireland, Anglo Irish Bank and EBS to companies across the Carroll group.

The four banks had been chasing their debts with separate receivers, who were also fighting it out with a raft of receivers appointed by non-Nama banks including Ulster Bank and Bank of Scotland (Ireland).

Nama now wants to streamline that process, first by co-ordinating the approach of all four Nama receivers under the principle receiver and ultimately by releasing the others from their duties and having just one receiver looking after all Nama's interests.

A single receiver is seen as cheaper and also facilitates the creation of a comprehensive business plan for the group.

The business plan will have to include a significant reduction in debt and may finally lead to the disposal of some of the Carroll group's assets including stocks of apartments in Dublin city, sources said.

It may also include some request for ongoing financing, which could see the receiver requesting cash to finish the iconic half-finished building that was to house Anglo Irish Bank's headquarters.

Nama is keen to get the business plan moving because the Carroll group, which was the first high-profile casualty of the property crash, is lagging the other top 10 borrowers who are all at advanced stages in their plans.

The Deloitte receiver, David Carson, was already acting as a receiver for Bank of Ireland in the Carroll case and so is already familiar with the case, which may speed up the process.

Deloitte will also have to work with receivers acting for several other non-Nama banks including Grant Thornton, which is chasing €82m owed to Ulster Bank, and Ernst & Young which is pursuing €321m owed to Bank of Scotland (Ireland).

When the business ran aground in the summer of 2009, it owed €490m to AIB; €321m to Bank of Scotland (Ireland); €112m to Bank of Ireland; €82m to Ulster Bank; €38m to Anglo Irish Bank; €23m to KBC and €8.5m to EBS.

Irish Independent