Property developer and Clare Native Bernard McNamara is due to find out today whether he’s to pay out a 62.5 million euro debt that could threaten his group of businesses.
Having amassed a significant fortune during the boom the Commercial Court was told on Monday he is no longer a person of significant net worth.
The multimillion sum is owed to a group of investors behind the 400 million euro plus purchase of the glass bottle site in Ringsend in Dublin.
Former County Councillor Bernard McNamara was part of a consortium involved in what was one of the biggest single deals of the property boom.
Judgment has already been entered against the developer for the 62.5 million euro sum but the court has been informed neither he nor his company Donatex is in a position presently to meet the debt.
They’ve been seeking a stay on payment and an order due yesterday has been put back until today to allow for talks between the parties.
It’s feared that a ruling against the developer could have wider implications for his business group which employs directly or indirectly over a thousand people
