Developers master disappearing acts
Around the Block hears that Nama is planning to place receivers into at least two more development companies by the end of next week. It’s doubtful it will be as ham-fisted as it was with its move against Ray and Danny Grehan but the appointments of more receivers will convince a number of the top 30 developers that it’s time to move on. One of the top 20 borrowers is expected to move to the UK this month with the aim of declaring himself bankrupt, while another well-known name has already done so.
So what will Nama’s approach be in those cases? We hear that it plans to bankrupt them in Ireland in any case, restricting their ability to act as directors here.
That won’t matter to a number of younger developers, who will probably head to the Middle East and Far East to act as project managers after they’ve emerged from bankruptcy in the UK, but for the older generation it will have some impact as they will have children in private schools and so forth and will probably look to move back home – albeit presumably not to the same palatial homes as before.
Nevertheless, Nama realises that some of those who do declare bankruptcy overseas will likely set up in a different guise when they do return.
“They’re probably going to set up through their sons or daughters or whomever it is,” a well-placed source said. “You have to be realistic about this.”
One wonders if the public will be as understanding.