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.