Former Whelan Group workers say Nama 'hung us out to dry'

WORKERS MADE redundant with the collapse of the Whelan Group yesterday expressed their anger at the National Asset Management Agency’s role in the liquidation of the quarrying group.

In the High Court last Friday, the group’s directors withdrew their petition for court protection after Nama – which took over €50 million of debts owed to Anglo Irish Bank – opposed examinership because of the proposed large writedown of secured debts.

The move to withdraw the petition for court protection resulted in the High Court winding up five Whelan Group companies with the loss of 140 jobs.

Yesterday, more than 100 former Whelan Group employees attended a meeting with court-appointed liquidator Moore Stephens Nathans at the West County Hotel in Ennis to collect their P45 slips and to establish their statutory entitlements.

West Clare man, Gerard O’Brien, who worked for the Whelan Group for nine years, said Nama had “hung us out to dry”.

“It is very sad for everyone. There were lads there 30 and 40 years. There was a great camaraderie. Nama killed the ‘laying duck’ and once you cease trading, you make no money.”

Mike Curran, another Whelan employee, also hit out at Nama. “Nama should have allowed the business to continue. People might have been paid and got their money back.”

Clare Fianna Fáil TD Timmy Dooley confirmed yesterday that he had written to Nama chairman Frank Daly to ascertain the rationale behind the agency’s decision to oppose the Whelan Group entering examinership.

In his letter, Mr Dooley said: “It seems to me that examinership would at least have provided an opportunity for the company to prepare a viability plan which could have seen some return to creditors and potential to save some jobs.”