McNamara action is bid to frustrate own bankruptcy case, court told
Published 12/10/2010 | 05:00
DEVELOPER Bernard McNamara is trying to frustrate bankruptcy proceedings against him by bringing a legal action against five former business associates, the Commercial Court was told yesterday.
Mr McNamara is claiming €101m damages against the former associates over alleged breaches of a 2004 shareholders' agreement.
The proceedings by Mr McNamara are against Gary Smith, of Hazelhatch, Newcastle, Co Dublin; Ivor Dougan, of Booterstown, Co Dublin; Paschal Taggart, of Fitzwilliam Square, Dublin; Terry Cooney, of Fitzwilliam Square, Dublin and Shane Taggart, of Brompton Road, London.
The case dates back to Mr McNamara and the five coming together in 2004 to acquire properties within a site beside Grafton Street, Dublin, to build a commercial development.
The case by Mr McNamara against the five was transferred to the Commercial Court yesterday on application of the five, who said they wanted the matter dealt with urgently, and on consent of Mr McNamara.
Mr Justice Peter Kelly agreed to transfer the proceedings and listed the case for mention on November 1.
It was up to the bankruptcy judge to decide what to do about the matters before him on October 22, Mr Justice Kelly added. The bankruptcy petition against Mr McNamara was issued last June by Gary Smith and Ivor Dougan over his failure to pay a sum agreed under a settlement of court proceedings.