Nama Debt: Builder Mick Bailey UK Business Closure
Bailey’s UK Property Firm Willsgrove Faces Liquidation with £61 Million NAMA Debt
London, UK – Mick Bailey, a prominent figure in Irish property development, has closed his UK-based property development business, Willsgrove Developments, appointing liquidators to manage the company’s assets. The move comes as Willsgrove faces a substantial debt of £61 million (€70.55 million) owed to the National Asset Management Agency (NAMA), the Irish state’s “bad bank” established during the financial crisis.
Willsgrove Developments, previously operating from Telford, Shropshire, adn sharing a business address in Swords, Dublin, with Bailey’s Bovale Developments group, officially began the winding-up process a month ago. A statement of affairs dated July 16th revealed that Willsgrove’s assets were subject to a £61 million fixed charge from NAMA.
According to the statement, willsgrove held just €34,138 in assets immediately before liquidation, resulting in an estimated total deficiency of £61.36 million. Milan Vuceljic and Michael Solomons, based in John Street, London, have been appointed as liquidators.
Mr.Bailey declined to comment on the closure of Willsgrove or whether the company’s NAMA liabilities would be covered by other entities within his business group. NAMA also refrained from commenting on its dealings with Bailey. The agency is scheduled to wind down its operations by the end of the year.
Willsgrove’s most recent annual accounts, for 2023, indicated that the business had disposed of its remaining property holdings that year. The accounts also noted that NAMA loan facilities had expired and were not formally renewed. Bank loans and accrued interest were owed to NAMA and secured by “unlimited personal guarantees” from Mr. Bailey,the accounts stated.
Background on Mick Bailey and Bovale Developments
Mick Bailey, along with his brother Tom Bailey, founded Bovale Developments in the early 1980s. The company rose to become one of the largest landowners in Ireland.
In February, Bovale realized €44.6 million from the sale of a large land bank near the M50 motorway. the 36.9-hectare (91.4-acre) site, known as the Dublin central Logistics Park, was sold to three buyers, among them the Central Bank of Ireland. The company previously realized some €50 million from the sale of the 47.92-hectare (118.40 acre) Killamonan Business park to Iput Real Estate.
The brothers faced legal challenges in the past, including a €22.17 million tax settlement in 2006, the largest in the State’s history. In 201