Receiver appointed to firm behind Clancy Quay
A RECEIVER has been appointed on foot of €250m in debts to companies behind the development of Clancy Quay, a massive apartment and mixed-use development on a 14.5-acre site along the Liffey in Islandbridge, Dublin 8.
The huge development was built by developer David Kennedy on the historic site of Clancy Barracks which is named after Peadar Clancy, a Co Clare man who was murdered in Dublin Castle in the War of Independence in 1920.
Grant Thornton was appointed as receivers to the project by its bankers National Irish Bank and Bank of Scotland (Ireland), which is now part of Lloyds, last week.
About 700 apartments were planned for the site, but only 60 per cent of them were ever built. BoSI took a 20 per cent equity stake in the project in 2007 and the Formation Group, a UK company, owns 10 per cent.
The decision to appoint receivers was taken as the Dublin property market shows little sign of taking off again. Low-profile Kennedy was one of BoSI's biggest clients during the boom. When the market began to crash in 2008 his companies and joint ventures owed BoSI €240m.
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Seems the off plans apartment purchasers haven't closed. Are the contracts rescinded?
It feels similar in some ways to this one.
Those BoSI/Certus geniuses sunk an awful lot of cash into Dublin 8 obviously.