More of developer Kelly’s projects are seized by Nama

More parts of the property empire assembled by developer Paddy Kelly are expected to fall into receivership after the National Asset Management Agency (Nama) put 15 Kelly linked projects into receivership last Friday.

26th March, 2011

More parts of the property empire assembled by developer Paddy Kelly are expected to fall into receivership after the National Asset Management Agency (Nama) put 15 Kelly linked projects into receivership last Friday.

Kelly, who admitted two years ago that he was considering a bankruptcy procedure, is understood to be involved in projects with total debts of over €2 billion.

Virtually all of Kelly’s projects are joint ventures, with his involvement ranging from small stakes to...

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