Skip to main content

Posts

Showing posts with the label ara

Celtic Tiger's High Fliers Face Bankruptcy...

McNamara, FitzPatrick facing bankruptcy 'in weeks'... TWO of the Celtic Tiger's highest fliers -- developer Bernard McNamara and banker Sean FitzPatrick -- face bankruptcy within weeks. The Irish Independent has learned that Mr McNamara, once worth almost €240m, is facing a fresh attempt by a group of private investors to force him into bankruptcy. The group is pursuing up to 40 properties owned by the Clare-born builder, records show. Meanwhile, Anglo Irish Bank will veto any plans by FitzPatrick -- who owes the bank €110m -- to reach a private deal with his creditors. Both men are now facing the real prospect of having all their assets, including their family homes, seized and sold off. Pursued Bankruptcy in Ireland lasts for 12 years, with those declared bankrupt facing travel restrictions, curbs on their ability to borrow money and/or run a business. Mr McNamara is already being pursued by investors arising from the disastrous Glass Bottle site investment. But now a sec...