Celtic Tiger developer has €14m Nama debt written off for €37,000
A former property developer in Ireland has had €14 million in debt to the National Asset Management Agency (Nama) written off in exchange for a €37,000 payment. The High Court approved the insolvency arrangement, allowing the individual to retain his family home.
Why it matters
The case highlights the ongoing legacy of the Celtic Tiger financial crash and the mechanisms used to manage massive personal insolvency in Ireland.
According to court filings, Michael Murray had debts of €14.6m, of which €14m was owed to Nama. File picture: Sasko Lazarov/RollingNews.ie
A Meath man has had a €14m debt owed to the National Asset Management Agency (Nama) written off for a €37,000 payment under a personal insolvency arrangement approved by the High Court.
Ms Justice Nessa Cahill this week sanctioned the arrangement of Michael Murray, aged 47, of Brownstown, Kilcloon.
The arrangement allows Mr Murray — a developer who was a director of several firms during the Celtic Tiger era — to keep his family home, valued at €750,000.
Personal insolvency practitioner Gary Digney, represented by barrister Keith Farry, instructed by Nicola Nevin & Co solicitors, applied for approval of the insolvency arrangement this week.
According to court filings, Mr Murray had debts of €14.6m, of which €14m was owed to Nama.
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