Investors who sued McNamara speed up enforcement
Published 23/01/2010 | 05:00
A GROUP of elite private investors who successfully sued developer Bernard McNamara for €62.5m over the acquisition of the Irish Glass Bottle (IGB) site has secured another court direction aimed at allowing them to move quickly to enforce their landmark judgment.
Jersey-based Ringsend Property Limited, who invested in the soured IGB site deal via Davy Stockbrokers, said yesterday it wanted to obtain speedily a certificate of registration of the judgment after being told by the Central Office of the High Court that this could take between six to eight weeks.
Mr McNamara has already declared that he is unable to pay the sum. Meanwhile, Bank of Ireland has secured orders against two businessmen for possession of part of a housing development, other lands and a 61-acre stud farm in Waterford in an effort to recover €3.2m arising from unpaid loans.
The judge granted the orders yesterday to Kenneth Bredin, for the bank, against Killian McGrath, Coolbagh, Clashmore, Youghal, and Redmond McGrath, Library, Golflinks, Youghal, both Co Cork.
There was no appearance in court by, or on behalf of, either defendant.
The possession orders were sought after the court previously granted judgment for some €3.7m against both men and their building company, Proform Construction Ltd, arising from unpaid loans made to the company and personally guaranteed by both men in June 2006.