Bernard McNamara’s exit from bankruptcy delayed
Former billionaire developer was due to have his bankruptcy discharged on Nov 2nd
Former billionaire developer Bernard McNamara was due to have his bankruptcy automatically discharged on November 2nd, according to documents from the country’s Individual Insolvency Register.
The fast-track exit of property developer Bernard McNamara from British bankruptcy has been delayed for several months. The former billionaire developer was due to have his bankruptcy automatically discharged on November 2nd, according to documents from the country’s Individual Insolvency Register.
However, his exit from bankruptcy is now likely to be delayed by several months, following a late intervention by the bankruptcy trustee.
The trustee applied to have Mr McNamara’s exit delayed over failure to meet conditions attached to the bankruptcy order. There is understood to be concerns over a lack of co-operation by Mr McNamara in relation to the conditions of the bankruptcy.
Using a London address, Mr McNamara petitioned the English courts to be made bankrupt on November 2nd last year. The UK’s bankruptcy regime typically allows for automatic discharge in 12 months, compared to years in Ireland.
The Clare-born developer is one of the state’s most heavily indebted developers, with the National Asset Management Agency (Nama) among his biggest creditors. Nama is said to be closely monitoring the British bankruptcies of Irish property developers.
Nama learned that Mr McNamara had filed for bankruptcy in the UK on the same day it lodged notice of its intention to ask the Commercial Court to fast-track proceedings for a €27.5 million summary judgment against him.
€412m IGB site
He was one of the biggest developers at the height of the boom, acquiring a string of major hotels including the Burlington in Dublin and Parknasilla in Kerry, and 50 properties in Dublin 2 alone.
The former Fianna Fáil county councillor was also behind the €412 million deal to buy the Irish Glass Bottle site in Dublin.
Mr McNamara, who had loans of more than €1 billion owed to Nama, is among a growing number of Irish developers and businessmen opting to declare bankrupt in Britain, where the insolvency regime is more lenient than Ireland.