McNamara receiver realises €3.1m from tax refunds and sale of assets

A RECEIVER appointed to the former flagship firm of property developer, Bernard McNamara has realised over €3.1 million from the sale of assets of the company, new documents show.

In November 2010, the National Asset Management Agency (NAMA) moved to appoint Declan Taite of RSM Farrell Grant Sparks as receiver to Michael McNamara & Co. Mr Taite was appointed statutory receiver after NAMA rejected the company’s business plan.

Eight months earlier, in an interview, Mr McNamara admitted he was broke — this month, it was reported the Co Clare man, whose companies have debts of €1.5bn, sold his home on Dublin’s Ailesbury Road.