Nama opposes developer's bid to be released from bankruptcy

The Irish government's National Asset Management Agency (Nama) is trying to prevent a NI property developer from being released from bankruptcy.

In NI, people can regain their financial freedom, after a year, as long as they have cooperated with the bankruptcy process.

The detail emerged in reply to a question in the Irish parliament (Dail).

The name of the developer was not revealed.

Nama said it was opposing the release "due to non-cooperation with the bankruptcy trustee."

The question was asked by Michael McGrath, Fianna Fail's finance spokesman.

A bankruptcy trustee is usually an insolvency practitioner whose job is to take control of the bankrupt person's assets, sell them and distribute the proceeds to creditors.

They have significant powers and the bankrupt person is expected to co-operate with them.

Nama, which has taken over virtually all land and development loans made by the Dublin banks, has declared several Northern Ireland developers bankrupt.

The developers had typically signed loan guarantees which made them personally liable for the huge borrowings of their companies.

The agency, which took control of toxic loans from Irish banks, holds property worth a nominal £3.35bn in Northern Ireland - making it the region's biggest landlord.