NAMA swoops to appoint receiver over Capel Developments

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NAMA swoops to appoint receiver over ailing Capel Developments - John Mulligan → independent.ie/business/iris … 24398.html
April 20 2011

The National Asset Management Agency (NAMA) swooped on Dublin property company Capel Developments yesterday, appointing a receiver to the group that’s weighed under by more than €100m in debt.
Sources confirmed last night that Simon Coyle of Mazars had been appointed by the agency to the firm, which was controlled by directors Liam Kelly, John O’Connor and Edward Keegan and has been involved in a number of high-profile projects.
NAMA is becoming increasingly aggressive with clients who have not submitted viable business plans to support realistic schemes for the repayment of significant bank debt that’s now owned by the taxpayer.
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