One More Thing: Another developer bites the dust
It appears John Fraher, a Tipperary-based developer, has joined the Wild Geese of insolvent builders fleeing to the UK for a solution to their debts.
The High Court recently adjudicated on an application by Declan Taite, appointed by Nama as receiver to a number of properties due to be developed by a consortium including Fraher and Jack Ronan of Vita Cotex fame.
In the written judgment clarifying Taite’s powers to collect rent and sell assets, Ms Justice Mary Laffoy referred to an affidavit from Fraher. The judge wrote that Fraher had said that, because Nama had a judgment of €5.5 million against him “and as he has petitioned for bankruptcy in the United Kingdom, it makes no material difference to him” what happens to the assets. So there.