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Friday 15 December 2017

Nama's developer pledge

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Finance Minister Michael Noonan (right) and Nama boss Frank Daly. Photo: Tom Burke
Finance Minister Michael Noonan (right) and Nama boss Frank Daly. Photo: Tom Burke

THE National Asset Management Agency (NAMA) is telling developers who co-operate fully with it that it will not bankrupt them when the agency winds up.

NAMA is worried that developers have little incentive to continue co-operating with the toxic loans agency if they know that they are likely to be forced into bankruptcy at the end of the process.

An increasing number of developers in NAMA have moved to England and declared bankruptcy under that country's relatively lax insolvency laws.

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