Developer was bankrupt on day of Nama move

Nama learned that developer Bernard McNamara had filed for bankruptcy in the UK on the same day the agency lodged notice of its intention to ask the Commercial Court to fast-track proceedings for €27.5m summary judgment orders against him, it emerged yesterday.

Given Mr McNamara’s adjudication as a bankrupt in the UK on Nov 6, National Asset Loan Management Ltd, a company of Nama, had decided to discontinue its summary judgment proceedings here, Niamh Hyland, said.

Counsel said NALM had issued the proceedings last September and, on Nov 6, filed a motion seeking that the case be fast-tracked in the Commercial Court. However, it found out at lunch time on Nov 6 that Mr McNamara had been declared bankrupt in the UK earlier that day.

Mr Justice Peter Kelly directed that Mr McNamara, with an address at Yeats House, Brackley Terrace, Chiswick, London, be called in court. When there was no appearance, the judge granted the application to discontinue.

The Nama proceedings arose from its takeover of loans made by Bank of Ireland which were connected to Mr McNamara.

A €28.48m loan was made in Nov 2009. Nama claimed, by Jun 30, €30.7m was due. Last July, it issued a demand for payment of €27.5m, representing the maximum recourse to Mr McNamara.