Businessman with €38m Nama judgment made bankrupt
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