Meath developer has €14m Nama debt written off for €37,000 in court-approved plan
A Co Meath developer has had €14 million in debt to the National Asset Management Agency (Nama) written off for a €37,000 payment. The High Court-approved insolvency arrangement allows the individual to retain his family home while restructuring remaining mortgage obligations.
Why it matters
This highlights the legal mechanisms available for debt resolution in Ireland following the post-2008 financial crisis and the role of Nama in managing distressed assets.
A Co Meath man has had a 14 million 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.
Judge Nessa Cahill this week sanctioned the arrangement of Michael Murray (47), of Brownstown, Kilcloon. The arrangement allows 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, Murray had debts of 14.6 million, of which 14 million was owed to Nama.
Nama, was set up after the 2008 global financial crisis to take over risky commercial property loans from Irish banks.
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