Martin Ferris (Kerry North-West Limerick, Sinn Fein)
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Question 120: To ask the Minister for Finance the reason the National Assets Management Agency do not pay sub contractors a portion of the proceeds of sales of property where they are owed the money by the main contractors company which was liquidated by NAMA. [33191/12]

Michael Noonan (Limerick City, Fine Gael)
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NAMA advises that, in circumstances in which it has entered into consensual arrangements with a debtor, all creditor claims, including those of unsecured creditors who hold no security or other attachment to the assets held by that debtor, are assessed on a case by case basis in the context of managing such assets to realise maximum return to the taxpayer. NAMA is not prescriptive as to when it will approve payments in the case of unsecured creditors. Each case is assessed by reference to its own circumstances. This often involves providing the debtor with temporary support so as to give NAMA an opportunity to assess the scope for reaching long-term agreements with them. Very often that involves meeting their short-term liabilities so that they can remain in business. In cases where the process does not lead to a consensual arrangement with a debtor, enforcement is initiated. In those circumstances, an insolvency practitioner appointed by NAMA is required only to realise the value of NAMA's fixed or floating charges over assets. Understandably, he is not under any obligation to unsecured creditors. In an insolvency situation the ultimate outcome for all creditors will depend on the nature and ranking of their charges. In all cases, NAMA's primary objective is to protect the interests of taxpayers.