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.
After being appointed receiver, Mr Taite shut down the company’s sites and laid off half of its 110 staff.
A receiver’s extract lodged with the Companies Office, shows €3.15m was realised from the sale of assets along with €472,497 secured through tax refunds and rebates.
It is the first receiver’s extract lodged concerning the company and it covers the period from November 12 2010 to May 11 of this year.
The figures show the costs incurred during the period totalled €1.1m; including staff costs of €650,759; bank fees and settlements of €197,796; ‘other costs’ of €228,881 and €26,734 spent on IT, utilities and sundry.
The funds on hand at the completion date of the form total €1.8m which were contained in two Bank of Ireland accounts. The firm had trade and other debtors totalling €5.1m with €4,038 in cash, plant and machinery totalling €1.4m, with motor vehicles valued at €391,750.
Earlier this year, Mr McNamara exited his vast property empire by resigning from 60 companies.
During the building boom, his companies borrowed hundreds of millions and took shares in hotels including the Shelbourne in Dublin and the Radisson Blu hotel in Galway.
Michael McNamara & Co was established by Mr McNamara’s late father, who began his building career as a craftsman in Lisdoonvarna carrying out repairs and alterations to local buildings for Clare County Council.