Receiver set for Dublin man

NAMA is expected to put a Dublin developer into receivership within days.

The developer is understood to be Dublin based and connected to a significant house building company in the region.

However, the assets likely to end up in receivership are the individual’s and are not connected to the building company.

Speaking in Limerick yesterday, NAMA boss Brendan McDonagh refused to comment.

The agency is willing to work with debtors to avoid enforcement situations.

It is reported that NAMA served papers on the businessman in recent days, requiring him to repay outstanding debts by last night.

Failure to meet those demands would clear the way for the agency to appoint a receiver within days.

Mr McDonagh said: “I don’t want to comment on any specific case, but what I would say, in general terms, is that we want to work with debtors and we want debtors to be realistic in terms of dealing with us and we spend a long time trying to avoid enforcement type situations and sometimes, for a myriad of reasons, that doesn’t happen, but any decision we take on the basis of what we believe to be the right thing to do and that’s all I can say at this stage.”

It is understood that while the debts involved are substantial, the individual is not in the same league as some of the major developers, who have fallen into the clutches of the agency.