Nama moves over Quinlan debts

The National Asset Management Agency (Nama) has appointed a statutory receiver to recover debts from financier Derek Quinlan.

In a statement today, Nama said the receiver will take charge of a number of properties personally owned by Mr Quinlan and members of his immediate family.

This move comes after the debtors failed to present and agree an appropriate business plan for the repayment of loans owned to the agency. Paul McDowell of Knight Frank Ireland has been appointed as the statutory receiver.

A spokesman for Nama warned that other debtors of the agency could face similar actions.

“If debtors are unrealistic or uncooperative in their dealings with Nama, we won’t hesitate to appoint receivers to protect the taxpayer’s interests,” he said.

Mr Quinlan lives in Switzerland.

His properties include a former embassy on Ailesbury Road, an apartment in the Merrion Hotel, and investment properties on Raglan Road and Fitzwilliam Square.

Earlier this month, Nama forced the one-time leading property player to put a London skyscraper on the market to clear a €300 million debt that he owes to the taxpayer.

Mr Quinlan originally worked for the Revenue Commissioners, where he rose to the rank of tax inspector, before he left and went into business on his own advising investors on the various tax incentives available to encourage property investment.

He stepped up from this to begin investing in property during the 1990s.

Leading syndicates of wealthy investors, he built up a prestigious portfolio of properties around the world including the Savoy Hotel group in London, which they bought for €1.1 billion in 2004.