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A PROPERTY DEVELOPER who owes NAMA over €300 million has been declared bankrupt in England – potentially making it difficult for NAMA to pursue its claim against him.
NAMA won a judgment for €312m in November against Ray Grehan, whose businesses had gone into receivership in April of last year.
His Glenkerrin Group – which he ran with his brother Dan – had included apartments, fitnesses centres and hotels. The group owed an estimated €650 million to NAMA, and the Grehans were personally pursued for this matter.
Now, however, it has emerged that Grehan was declared bankrupt at the High Court in London on December 30.
Documents posted by the UK Insolvency Service show Grehan as giving an address at an apartment block in Hackney in central London, though it does acknowledge that he “lately” resided in Maynooth.
Pursuing bankruptcy proceedings in the UK is advantageous to developers, as people can emerge from bankruptcy within a year – as in Grehan’s case, with documents saying his bankruptcy status will be automatically discharged in December of this year.
Persons filing for bankruptcies in Ireland may instead have to wait up to 12 years for that status to be lifted.
Grehan is entitled to file in the UK, however, as that is where his “main interests” are based. He has significant property interests in Britain and Northern Ireland.
The filing may complicate NAMA’s pursuit of the €312 million owed against him, as the bankruptcy will require all of Grehan’s assets to be distributed among his creditors, which could include bodies other than Ireland’s national ‘bad bank’.
Any assets to which receivers have been appointed are not likely to be affected.
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We’ve just exited a level 5 lockdown and people are being told by the government to…. “stay away from crowded shops”…. obviously shops will be thronged with people now after being cooped up for a month not being able to buy a shirt or a dress or god forbid….a tie…also deemed non essential when I went looking for one in Tesco. That statement is what my late grandfather would call….complete bolloxology.
@Billy Big Baws: And the first pop up I see on my device as I wake is from RTE about QUEUES forming outside shops this morning , and all this before 7 am.
Maybe I’m wrong but I think putting a senior civil servant out in front of the media and telling us how to behave is bizarre ,what qualifies her to pontificate to the Irish people, has she more qualifications than George Lee by any chance?
Christ..It will.be like the last helicopter out of Saigon when the shops open .
@Donal Desmond: Miss Saigon live from Mary Street !
I love how they chose a photo of Penneys for this article. You can guarantee they will have a queue from Mary St to the Spire tomorrow…
@Dobby Dooo Dooo: i am in the queue already
@Dobby Dooo Dooo: already a queue before 7 am .
@Terry Cahill: People going in for “essentials” and coming out with bags full of cr@p they don’t need…
How do people stay away from crowded shops, if they are already in a crowded shop :-/
@Kevin O’Brien: and if we all shopped off-peak…
Me alarm clock set, mask ready to go, hand sanitizer in me pocket, not taking the bus going to walk it. Penny’s here i come. NOT.
@Paul Gorry: as a penneys employee I think your in the minority….unfortunately. they should of sent us for zookeeper training during the lockdown.
@deisecelt: “should of” ?
Reading down through the articles here on the Journal & all I’m seeing is the word “avoid”. Avoid public transport, avoid crowded shops, avoid putting on special offers. Avoid, avoid, avoid.
@Kevin O’Brien: in other words avoid picking up the contagious virus and passing it on to others.
The shops are now open to help the economy back on it’s feet and keep people in jobs.
Also don’t go to the shops.
Is this the same headline i read last March, without the Christmas bit?
@Paul Gorry: Reduce reuse recycle….
Consume! Consume! Consume! Retail shopping slaves to the system of controlling your life. Stress over getting stuff and overstretch those cards…… Sad really. I hope everyone eventually wakes up and stops the unnecessary stresses around this time of year. Remember all those toys that will be gathering dust in a month or 2 and all that food that goes to waste cost hours of your life to pay for. Right now off to ques outside Smyths…… Lol
People are already queueing so best of luck with that advice.
@Ed: Hope they’re doing what most people are doing and queuing 2 m apart, outdoors.
but the retailers say the complete opposite, pack in and everyone get out and shop till ye drop, who should we listen to. :-)
Stay away from crowded shops????its christmas time
Ya, but you see “Christmas” you cannot avoid these things. The air must be thin up there.
I will wait a few days and then stroll the shops at my own leisure. I got 95pct of my Christmas shopping done online and feel good about not being frantic this month. I did miss the in-person Black Friday sales this year, to be honest.
have your say