Developer Bernard McNamara has indicated his intention to resign from Michael McNamara and Company “in the interest of all the staff that work there”.
Mr McNamara, a native of Lisdoonvarna and a former Fianna Fáil member of Clare County Council, made the shock announcement on Wednesday after he was ordered to pay €62.5m to investors under a personal guarantee on borrowings for his company Donatex.
Mr McNamara said that few in the country could pay the amount and said all his resources and personal interests were invested in his companies.
Donatex borrowed €98m to purchase the Irish Glass Bottle Company site at Ringsend in Dublin, which cost €412m. The site is now said to be worth just €50m.
Mr McNamara was said in court this week to have “no unencumbered assets” and is no longer a person of significant net worth.
In a radio interview, Mr McNamara admitted that he was €1.5bn in debt and that all his assets that were worth €120m in the past were now valued at €60m.