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NAMA sends in receiver to Barrack Construction

NAMA has sent in a receiver to Barrack Construction, a house builder controlle d by developer Paddy Byrne. The business has debts of €25m.

The National Asset Management Agency appointed Michael McAteer and Gearoid Costelloe of Grant Thornton as statutory receivers and managers earlier this month.

Mr Byrne is low-profile but hit the headlines back in 2008 when his helicopter crashed at the Neptune Beach Hotel in Co Meath.

Bank of Scotland appointed its own receiver to the same company last year.

Both Bank of Scotland and NAMA have charges over assets controlled by the building firm.

The NAMA loans were originated by AIB, before being transferred to the bad bank.

Barrack Construction had debts of €25.6m at the end of 2009 -- up from €15.9m in 2008.

NAMA has also appointed the same team of receivers to Ennis-based Park Avalon Developments.

The Co Clare business is controlled by John and Patrick Halpin, the most recent accounts show it had debts of €4.5m at the end of 2009 and AIB is understood to have been its main lender.

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