On February 28, 2019, shortly after its sixth birthday, Vanguard Property Finance DAC was placed into voluntary liquidation with €122,667 in equal assets and liabilities on its balance sheet, having previously juggled dozens of multi-million loans. As its name suggests, Vanguard Property Finance had been a pioneer, introducing US vulture fund CarVal Investors to Ireland in 2013, as the banks and Nama were lining up billions of euros in fire sales of non-performing loans.  In its winding up, too, Vanguard Property Finance prefigured the destiny of many other CarVal special purpose vehicles (SPVs) in this country. Those established between 2013…

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