‘Irregularities’ led NAMA to fight Whelan examinership

NAMA opted to oppose the examinership of the Whelan Group after “evidence emerged of substantial irregularities” on the part of the group’s companies, the chairman of the agency has stated.

Last month, 140 jobs were lost after the High Court wound up five companies in the independent quarrying group, which had its headquarters in Ennis, Co Clare.

The High Court wound up the companies in response to the group withdrawing its petition for court protection after NAMA — which took over €50 million of debts owed to Anglo Irish Bank — opposed examinership because of the proposed large write down of secured debts.