Receiver handling hospital contractor announces assets sale

The receiver appointed to Michael McNamara & Company, has put its main assets up for sale.

Declan Taite, of Farrell Grant Sparks, has invited offers for the business and for its assets.

Work on the new emergency department at Letterkenny General Hospital has ground to a halt as a result of the company going in to receivership.

Declan Taite has invited offers for the company's assets that include substantial work in progress sites, large premises in Dublin and Galway, plant and machinery and motor vehicles.

The company was well advanced in the construction of the new emergency department at Letterkenny General Hospital, however it is not clear how the assets sale will effect that project.

Taoiseach Brian Cowen says the money has been allocated to finish the department but said that how it would be finished was for the determination of  NAMA.

Michael McNamara & Company went into receivership following a legal action by NAMA as part of its efforts to recover the millions owed to Irish banks.

Declan Taite has already closed down the company's sites and laid off half of its 110 staff.

The asset sale is the next part of the process to recover as much money as possible to pay off the debts Mr McNamara owes. He personally owes about €1.5bn.