The National Asset Management Agency has appointed a receiver to Dublin property firm Dwyer Nolan Developments and a related company Parkzone Developments, formerly Dwyer Nolan Homes.

Accountant Liam Dowdall of Smith Williamson Freaney was appointed to the two companies on Monday arising from bank loans acquired by the State loans agency from Allied Irish Banks.

Owned by Edward and Ann O’Dwyer, Dwyer Nolan Developments was behind residential property schemes in Dublin and Kildare. Parkzone Developments was owned by their sons, Edwin, William, Aidan and Keith. Dwyer Nolan Developments made a pretax profit of €1 million in the year to May 2011, bringing the company’s retained profits to €118 million.