The National Assets Management Agency learned that developer Bernard McNamara had filed for bankruptcy in the UK on the same day the agency lodged notice of its intention to ask the Commercial Court to fast-track proceedings for a €27.5 million summary judgment against him, it emerged yesterday.

Given Mr McNamara's adjudication as a bankrupt in England on November 6th, National Asset Loan Management Ltd (Nalm), a company of Nama, had decided to discontinue its summary judgment proceedings here, Niamh Hyland SC, said.

She said Nalm had issued the proceedings last September and, on November 6th, filed a motion returnable for yesterday seeking that the case be fast-tracked in the Commercial Court.

However, it found out at lunchtime on November 6th that Mr McNamara had been declared bankrupt earlier that day.

When Mr McNamara, Brackley Terrace, Chiswick, London, did not appear in court, Mr Justice Peter Kelly granted the application to discontinue.

The Nama proceedings arose from its takeover of loans by Bank of Ireland which were connected to Mr McNamara.