McNamara ordered to pay €62.5m

PROPERTY magnate Bernard McNamara has been ordered by the Commercial Court to pay €62.5 million to creditors.

Having held a lofty position on Ireland’s rich list over a number of years, Mr McNamara now has debts of €1.5bn. Yesterday, on his 60th birthday, the Commercial Court registered a judgment for €62.5 million against the developer.

The court was told that McNamara would not be appealing a decision made against him in a case taken by a group of Davy investors. He was ordered to pay €62.5m following his personal guarantee of loans given by private investors for the €412m purchase of the Irish Glass Bottle (IGB) site at Ringsend.