Wednesday 18 October 2017

Date set for McKillen's €2.1bn NAMA appeal

Tim Healy

A SUPREME Court appeal by property investor Paddy McKillen aimed at preventing the transfer of €2.1bn in loans to NAMA will be heard on December 15.

A stay on the proposed transfer of the loans continues to apply pending the appeal.

Mr McKillen and 15 of his companies are appealing against the rejection by a three-judge High Court last month of their challenge to the transfer to NAMA of their loans with Bank of Ireland. The case has implications for other loans held by the applicants with other participating financial institutions in NAMA.

In his appeal, Mr McKillen is challenging the constitutionality of certain provisions of the NAMA Act 2009.

The Supreme Court is also being asked to decide whether the High Court was correct in concluding that, under the NAMA Act, Mr McKillen had no right to be heard prior to the decision by NAMA to acquire the loans at issue.

In the High Court, Mr McKillen claimed his right to fair procedures was breached because he was not given an opportunity to be heard before NAMA decided to acquire the loans.

While the High Court ruled Mr McKillen had raised substantial grounds on the fair procedures point entitling him to judicial review, it refused him any relief on grounds that any constitutionally protected rights which he might have were either not interfered with or interfered with in such a minor way he was not required to be heard before acquisition.

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