Busi­ness­man with €38m Nama judg­ment made bank­rupt

Irish Independent - Business Week - - FRONT PAGE - John Mul­li­gan

A BUSI­NESS­MAN slapped with a €38m judg­ment in 2016 by Nama has been ad­ju­di­cated bank­rupt.

Don­all Doo­ley of Oran­more, Co Gal­way was in­volved in a deal to buy a shop­ping cen­tre and two su­per­mar­kets in Latvia in 2006.

The ac­qui­si­tions were bankrolled by AIB.

Nama was granted an al­most €38m sum­mary judg­ment against Mr Doo­ley in 2016, and also se­cured a sep­a­rate judg­ment against him and his son for €2.5m.

Mr Doo­ley had al­leged that Nama was act­ing ma­li­ciously and vin­dic­tively in seek­ing the sum­mary judg­ment against him and his son.

That claim was dropped on con­sent, how­ever.

In as­so­ci­ated pro­ceed­ings all heard in Co Kilkenny on the same day in 2016 by Jus­tice Don­ald Binchy, sum­mary judg­ments of al­most €6.8m were also granted to Nama against William and Sheila Moran, at the time of the Mo­rans on the Weir pub and restau­rant in Co Gal­way, and Mr Doo­ley, aris­ing from the pur­chase of the Lat­vian prop­er­ties.

This sum­mer, Nama took le­gal ac­tion to have Mr Doo­ley ad­ju­di­cated bank­rupt.

Mr Doo­ley was heav­ily in­volved in prop­erty in­vest­ment dur­ing the boom, and also con­struc­tion-re­lated busi­nesses.

He was a direc­tor of Gal­way firm Oran Pre-Cast un­til 2013. That com­pany was listed on the Rev­enue Com­mis­sioner’s de­fault­ers’ list last year.

It was hit with a set­tle­ment of al­most €271,000 for the un­der­dec­la­ra­tion of Vat as a re­sult of a Rev­enue au­dit.

Share­hold­ers in Oran Pre-Cast in­clude En­ter­prise Ire­land, which has re­deemable pref­er­ence shares in the busi­ness.

The firm re­ported a profit of more than €235,000 in 2016 com­pared to a loss of €8.4m in 2015.

It gen­er­ated turnover of €14.4m in 2016 com­pared to €13.3m the pre­vi­ous year, when it recorded an €8.4m pro­vi­sion on an in­ter-com­pany loan.

Nama HQ : The agency se­cured a near €38m judg­ment against Don­all Doo­ley in 2016. He had been in­volved in a deal to buy com­mer­cial prop­erty in Latvia in 2006

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