NAMA sends in receiver to take control of Newell assets
BAD bank NAMA has appointed a receiver to take control of a number of assets of Galway- based Newell Construction.
NAMA has appointed Kieran Wallace of KPMG as receiver of Newell, which is already in liquidation.
Newell Construction was owned by Marian and Patrick Newell and was involved in developments at Tuam and Headford in Co Galway and Mountrath in Co Laois.
The most recent accounts filed for the company show it had bank debts of €26.5m in 2009. Documents filed with the Companies Office show that AIB, ACC, Anglo Irish Bank and Bank of Scotland (Ireland) all have charges over the company's assets.
Kieran Wallace has been involved with Newell since 2010, when he was appointed receiver over a number of company assets by Anglo Irish Bank.
Anglo's appointment of a receiver was made following the appointment of liquidator Conor O'Boyle of O'Boyle & Associates.
The receivership process effectively removes assets from a liquidation -- because a bank with a charge over an asset is first in the queue to be repaid from any sale proceeds.
Meanwhile, EBS has appointed Eoin Ryan of Barstow Horwath as receiver of Tia Homes in Limerick, while ACC has appointed Declan Taite and Patrick Brennan of Farrell Grant Sparks as joint receivers of Dublin housebuilder Croftbeam.