http://www.irishconstruction.com/page/2679NAMA takes over McNamara properties
NAMA is set to take control of a string of properties from developer Bernard McNamara
McNamara has flat complexes, offices, a share in the Shelbourne Hotel and in the infamous Irish Glass Bottle site in Dublin. McNamara Construction, which has undertaken flagship work on the Shelbourne Hotel, Sir John Rogerson Quay and Lansdowne Road, shut all its sites on Thursday night
Construction at a number of public projects such as Letterkenny Hospital and Tallaght IT have fallen victim to the failing business with workers refused entry to the sites and forced to picket at the gates. Declan Taite, of Farrell Grant Sparks, has invited offers for the business and for its assets that include substantial work in progress sites, large premises in Dublin and Galway, plant and machinery and motor vehicles. The business also retains what the receiver describes as an experienced and technically skilled labour force that come with it. The company went into receivership following a legal action by the National Asset Management Agency (NAMA) as part of its efforts to recover the millions owed to Irish banks.
NAMA is to shut down more property developers as early as this week, as it moves to take control of some of the country's biggest borrowers. The agency is also expected to take action against other companies belonging to developer Bernard McNamara, after putting his building firm Michael McNamara Construction into receivership late last Thursday. Informed sources said other developers also faced action in the near future as Nama accelerated its work.
One source said that Nama had been ''getting its ducks in a row'' for legal proceedings for a number of months, with the appointment of a panel of insolvency experts and lawyers. The agency is expected to target groups where construction companies are owed significant sums by related development firms, as was the case with McNamara.