OUTCOME OF PRIORY HALL DEVELOPER’S UK CASE SHOWS THAT NAMA SHOULD HAVE ACTED – POWER

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“Today’s decision by a English court to overturn the UK bankruptcy of Priory Hall developer Thomas McFeely shows that NAMA could and should have acted against him”, Dublin North East Senator Averil Power (FF) had said.

 

According to Senator Power, “It is crazy that NAMA stood back and left it to a private citizen to challenge his UK bankruptcy. As I pointed out to Ministers Noonan and Hayes in the Seanad on two occasions, NAMA should have pursued McFeely with the same vigour that a private creditor would. It should have sent out a clear message that it will not tolerate developers using bankruptcy tourism to avoid Irish penalties. Under the more lenient UK system, McFeely could have emerged from bankruptcy in just 12 months.

 

“By not challenging the original UK bankruptcy award, NAMA failed to vindicate the interests of the Irish people as a whole. It also allowed McFeely to add insult to injury for the Priory Hall residents who had to stomach him sauntering off to England to get a better deal for himself while they are still out of their homes and facing a very bleak future.”

 

Senator Power concluded that she commends Theresa McGuinness but feels that she should not have been put in the position of having to challenge the UK bankruptcy decision on her own.

 

ENDS

 

For transcripts of Senator Power’s Seanad debates on this issue see

http://averilpower.ie/?p=3212 (26th January 2012) and http://averilpower.ie/?p=3765 (6TH June 2012)

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