Receiver appointed to McNamara ConstructionFriday 12 November 2010 17.32
A receiver has been appointed to Michael McNamara Construction, which was formerly owned by developer Bernard McNamara. Receiver Farrell Grant Sparks was appointed yesterday evening.
Informed sources have said that the receiver appointed to Michael McNamara Construction was a voluntary receiver appointed by the company itself.
However, they said the decision would have been influenced by discussions on its business plan with the National Asset Management Agency.
In a statement, a spokesperson for NAMA said: 'Michael McNamara & Co agreed to the appointment of FGS as Receivers by agreement with NAMA'.
It is understood that NAMA had recently rejected the business plan put forward by the company.
It is now unclear whether the construction company has the option of seeking the appointment of an examiner.
Normally, it would have three working days in which to apply for the appointment of an examiner.
However, that may not be possible under NAMA legislation where the agency is involved, depending on NAMA's role in the proceedings.
Michael McNamara's construction has offices in Dublin, Galway and Lisdoonvarna, Co Clare, and is currently involved in a number of construction projects around the country.
One subcontractor who spoke to RTÉ said the sites were closed yesterday evening.