Former Fianna Fáil councillor and property developer Bernard McNamara has admitted that he is "broke" and will probably have to sell his house to pay off creditors. BBC News - 'Broke' Irish developer Bernard McNamara has £1bn debt
It's not clear how McNamara's building company will be kept from his creditors. It is owned by companies registered in the Isle of Man, both with the same address in Douglas.Earlier this week, the investors were told Mr McNamara had no assets free from debt, and all the equity in his personal assets had been used to support his businesses and the 1,100 people employed directly or indirectly in them.
He told RTE he will now probably lose his family home on Dublin's exclusive Ailesbury Road.
Speaking on his 60th birthday, Mr McNamara said he had used valuers to determine how much the Irish Glass Bottle site was worth.
"How come they were all so wrong?" he said.
Cantillon - The Irish Times - Thu, Jan 14, 2010The veil of corporate confidentiality available to the owners of Isle of Man companies mean that the ownership of these two entities is not clear. According to sources close to McNamara, the business is ring-fenced from the rest of his property empire. But given the size of his debts, it will be surprising if this structure is not challenged by his creditors.