Nama approves Bovale business plan

The National Asset Management Agency has approved a business plan for Bovale Developments.

According to an auditor’s report, Bovale Developments incurred losses in the year to the end of June 2011. This followed losses in the year to the end of June 2010, but the extent of the losses is not known as Bovale Developments, controlled by Michael and & Tom Bailey, is unlimited.

However, a three-page report by the firm’s auditors, McGrath & Co, confirms the liabilities of the company — established in 1983 — exceeded its assets on June 30 last.