Thursday 18 December 2014

Harry Crosbie in legal bid to halt €77m judgment

Tim Healy

Published 05/07/2014 | 02:30

Harry Crosbie
Harry Crosbie

BUSINESSMAN Harry Crosbie has accused NAMA of trying to "bully" and "bulldoze" him and will ask the courts next week to try and stop it enforcing a €77m judgment against him.

Michael McDowell SC, for Mr Crosbie, yesterday told Mr Justice David Keane he wanted a stay on the judge's decision that NAMA was entitled to the €77m summary judgment.

The stay is sought pending the outcome of separate proceedings initiated by Mr Crosbie against NAMA after it moved for that summary judgment.

In his proceedings, Mr Crosbie claims he has a "solemn" and enforceable agreement with NAMA, set out in an August 2012 letter from his solicitor Liam McCabe.

In consideration for Mr Crosbie giving NAMA security in various assets, Mr Crosbie claims the alleged agreement restrains certain actions by the agency. These include restrictions on moving against his family home, his son's home and a business carried on by his wife.

The fact NAMA is applying on Monday to have the hearing of Mr Crosbie's proceedings fast-tracked in the Commercial Court is another move in a "well-orchestrated campaign" by the agency to "bully" his client, Mr McDowell said.

Fixing next Tuesday to hear the stay application, Mr Justice Keane said the issues being raised were "somewhat novel".

NAMA moved to enforce the €77m loans after Mr Crosbie failed to disclose substantial assets to the agency. NAMA rejected claims the letter amounted to a binding agreement restraining enforcement action by it.

Irish Independent

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