NAMA TO WIND UP GALWAY DEVELOPERS COMPANIES

Date Published: 09-Nov-2011

The National Asset Management Agency has secured a court order to wind up two companies owned by Glenamaddy natives, Ray and Danny Grehan.

According to The Irish Times, NAMA is pursuing the developers for 260 million euro from guarantees on loans.

Earlier this year, NAMA appointed receivers to Glenkerrin Properties and Glenroyal Leisure, which the Grehans challenged.

Yesterday, Justice Roderick Murphy said he'd grant orders to liquidate the two companies, which employ around 75 staff.