KILKERRIN MAN TO WALK AWAY FROM 300 MILLION EURO DEBT

Date Published: 30-Dec-2012

KILKERRIN native property developer Ray Grehan is to walk away from debts of 300 million Euro today, 12 months after applying for bankruptcy in the UK.

That’s according to a story in "The Sunday Independent" which also alleges, that "according to a source familiar with the matter" he is understood to be making plans to start afresh and "debt free" on "the far side of the world".

THE Kilkerrin-born developer set the record for land prices during the boom – €84million an acre in Dublin’s Ballsbridge.

But following the collapse of the property market here Nama applied for, and obtained, a €300m judgement against him in the Commercial Court.

The story states that having already struggled to agree a business plan with Nama, he moved within weeks to avail of the UK’s more benign bankruptcy regime, which typically lasts just 12 months as opposed to the 12 years still being imposed under Ireland’s draconian system.

But the former Glenkerrin Homes chief may now find himself restricted from being a director in the UK and possibly Ireland for several years to come.