High Court appoints liquidators to Cork builders over €71m Nama debt

Provisional liquidators have been appointed by the High Court to a Cork-based building firm that owes Nama more than €71m.

Yesterday, National Assets Loan Management Ltd (NALM), a company of Nama, asked Mr Justice Paul Gilligan to appoint joint provisional liquidators to ensure an orderly winding up of O’Brien and O’Flynn Ltd, building contractors, of Doughcloyne House, Vicars Road, Cork. The company’s directors are brothers Dan and Denis O’Flynn.

The court heard the company owes Nama €71.2m with assets worth less than half that amount. The court heard the debt to Nama arose after it took over loans advanced to the company by Bank of Ireland and AIB in 2010 and 2008.