1^st Floor

Innovation House

Ballybrit Business Park

Ballybrit   

Galway   

Tel: +353 91 748006

Email: info@nuark.ie

Reviewing distressed assets takes a specific skillset and no two projects are the same. Each case requires careful and professional assessment in order to create an effective plan to progress forward; the objective being to either maximise a return or mitigate  and manage the loss associated with the distressed assets. As a team of Property & Construction Specialists NuArk has the resources, attention to detail and professionalism required to provide a complete solution to funders, lenders and/or insolvency practitioners in this situation. 

 

 

Distressed Assets

Nuark can provide a complete solution for an insolvency practitioner in relation to distressed property, distressed projects.

1. Evaluation

NuArks in-house team,  experienced in technical due diligence, will conduct a comprehensive evaluation of the project. This involves a site assessment and high-level review of the partially completed asset in terms of its’ condition, completeness, planning and building regulation compliance and quality of workmanship. Thus identifying  any hidden expenses or pitfalls that would add cost to the preparation of the asset for disposal.

2. Preliminary report

The preliminary report will identify options that should be considered to maximize sources of revenue and reduce the lenders risk.

5. Strategy and Business plan

Nuark can provide a clear financial strategy and programme of works for the completion of the project.

6. NAMA Debtor Plan

Nuark are also proficient in the completion of Nama Information Packs and producing debtor plans.

7. Regular Asset inspections/ monitoring

Nuark can Monitor completed vacant assets and issue regular inspection reports.

 

 

¨ Strategy & Development Plan Once all the detail has been established, we will then develop a Strategy & Development Plan. Here we will provide a clear financial strategy and programme of works for the completion of the project including the disposal strategy. This would generally include the following;

 

                       - A full project / development  appraisal

                       - Project / development  Survey

                       - Building/Planning Compliance Survey and Report

                       - Completion Costings Report

                       - Financial / Marketing report

                       - Cash flow analysis

                       - Tender/Manage Completion contractors.

 

 

¨ NAMA Debtor Plan 

           NuArk are also proficient  in the completion of NAMA Information Packs and producing debtor plans.

 

 

¨ Regular Asset Inspections/Monitoring

           Depending on your requirements NuArk can monitor your completed vacant assets and issue regular inspection reports.                 NuArk can also set up a new structure for a future management regime with standard reporting templates. 

          This service will include:

 

                       - Coordination, tracking and implementation of Sales & Marketing

                       - Leasing

                       - Security of asset

                       - Maintenance of asset

                       - Property management set up and monitoring

 

Asset Disposal

NuArk will  examine all portfolios and ensure disposability of all assets by the identification and rectification of all potential burdens. This will include all liaison with legal and statutory bodies.

NuArk engages with our clients and their representatives at the outset in order to establish a disposal strategy that provides for the optimum approach to the recovery process. The disposal of assets requires a significant amount of preparation and this varies depending on the state of the asset i.e. Completed Development, Occupied Incomplete Development or Unoccupied Incomplete Development which can be summarized as follows:-

 

¨ Completed Development

                       - File application for development Bond Release - Surety/Cash/Property Charge

                       - Lodge Taking in charge application

                       - Reconcile Planning Compliance

                       - Reconcile Building Regulation compliance

                       - Identify Funder/Developer related Costs and estate management costs.

                       - Preparation of assets for easy disposal/Rental

                       - Interim Estate management – Facilitate occupants to taking over management Co.

 

¨ Occupied Incomplete Development

                       - Consultation with Local Authority on Planning Bond Status – Surety/Cash/Property Charge

                       - Negotiation of Partial Phased Completion process – Taking in Charge or Management Company Handover

                       - Provide Cost benefit analysis on Completion/Partial completion of works

                       - Interim Development management – Facilitate occupants to taking over management Co.

                       - Making safe of Development – protection of incomplete services

                       - Preparation of assets for easy disposal/Rental

                       - Reconcile Planning Compliance

                       - Reconcile Building Regulation compliance

 

¨ Unoccupied Incomplete Development

                       - Provide Cost benefit analysis on Completion/Partial completion of works

                       - Reconcile Planning Compliance – Apply for Extensions

                       - Estimate value of Planning Bond if activated.

                       - Making safe of Developments – protection of incomplete services.

                       - Preparation of assets for easy disposal – Contact previous owners where Resting on Contract – Reduce Legal outlay,                        - Examine land registry and title

 

Benefits of the Implementation of the Corporate Recovery Plan are:-

                       - Fixed price contract

                       - One point of contact

                       - Contractor responsible for management of full Design team

                       - Fully bonded construction contract

                       - Fast track delivery programme

                       - Monthly reports

                       - Agreed payment terms

                       - Cash flow fixed prior to commencing

                       - A Main Contractor with an established industry reputation