NAMA appoints receivers to Kelly assets

THE National Asset Management Agency (NAMA) has appointed receivers to 16 assets linked to debts of up to €1.5 billion held by high-profile property developer Paddy Kelly — once one of the country’s wealthiest property tycoons.

The State body has taken the step in order to sell the properties to pay off significant debts still owned by the 67-year-old Laois native.

The decision — which affects properties including a number of pubs in Dublin, Kilkenny and Wicklow — was confirmed late last night by NAMA.

It comes after the “bad bank” appointed receivers to a number of other hotels linked to other loans held by Mr Kelly.

These include hotels in Ashbourne, Co Meath, operated by the Marriott chain; Talbot Street, Dublin, operated by Days Inn; three Clarion facilities at the IFSC, Dublin Airport and Liffey Valley; and a hotel operated by Maldron in Citywest, Dublin.

In March, the agency appointed Kieran Wallace of KPMG as receiver to several properties.

Mr Kelly was once one of the best known developers in the country and was involved in a string of high-profile schemes including apartment blocks in Dublin’s Smithfield development and office blocks both here and abroad.

ACC — owned by Dutch bank Rabo — has also appointed receivers to assets controlled by the developer and his family in an effort to recover debts.

The move comes after NAMA chairman, Frank Daly, insisted the agency is planning take a more aggressive stance against developers who it claims are “making little effort” to deal with their massive debts which are crippling the country.

Almost a dozen other high-profile developers are also being targeted and may have control of their businesses seized over the coming months unless they agree to sell off assets to repay their debts.

Mr Daly has also signalled that the agency will not hesitate to take enforcement action against developers where it believes this is the best way to recover money for the taxpayer.

In recent months it has moved to appoint receivers to a number of heavily indebted clients including developers Ray Grehan and Seán Dunne.

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