Developers use UK bankruptcy to hide assets
Evidence has emerged that some heavily indebted Irish property developers are trying to use British bankruptcy procedures to keep significant assets away from Nama.
Startling evidence has emerged that a number of heavily indebted Irish property developers are attempting to use the British bankruptcy process to squirrel significant assets away from the National Asset Management Agency (Nama).
The evidence came to light after bankruptcy trustees in Britain used their statutory powers to compel certain Irish developers to produce cross-border legal and banking information.
In a number of cases, there was a significant under-declaration of assets, according to information provided...
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