THE process of untangling Dundalk developer Liam Carroll’s massive property empire has begun after Nama appointed a “super receiver” to draw up a business plan for the embattled group.
An insolvency specialist from accountancy firm Deloitte was drafted in as principal receiver on Tuesday, February 15 to help Nama secure repayment on loans of about e650 million.
The move came more than 18 months after a raft of banks installed receivers across Mr Carroll’s empire after an examinership bid failed.
Nama has since taken on a e650m pile of loans advanced by AIB, Bank of Ireland, Anglo Irish Bank and EBS to companies across the Carroll group.
The four banks had been chasing their debts with separate receivers, who were also fighting it out with a raft of receivers appointed by non-Nama banks including Ulster Bank and Bank of Scotland (Ireland).
Nama now wants to streamline that process, first by co-ordinating the approach of all four Nama receivers under the principle receiver and ultimately by releasing the others from their duties and having just one receiver looking after all Nama’s interests.
A single receiver is seen as cheaper and also facilitates the creation of a comprehensive business plan for the group.
Nama is keen to get the business plan moving because the Carroll group, which was the first high-profile casualty of the property crash, is lagging the other top ten borrowers who are all at advanced stages in their plans.
When the Carroll group ran into trouble in the summer of 2009, it owed e490m to AIB; e321m to Bank of Scotland (Ireland); e112m to Bank of Ireland; e82m to Ulster Bank; e38m to Anglo Irish Bank; e23m to KBC and e8.5m to EBS.
Last month, one of the biggest law firms in the country, William Fry, sued Carroll over his failure to pay some e3.34 million of a e4.8 million legal costs bill. Mr Justice Peter Kelly adjourned the case to March 10.