Tuesday 21 October 2014

NAMA bid to seize Crosbie's home and assets put on hold

Tim Healy

Published 01/08/2014 | 02:30

Developer Harry Crosbie has appealed a €77m judgment
Developer Harry Crosbie has appealed a €77m judgment

NAMA has been temporarily blocked from taking control of businessman Harry Crosbie's home, pending the outcome of a Supreme Court case.

The stay on seizing the property comes after NAMA was given permission to enforce a €77m judgment against certain assets of the high-profile impresario and developer.

However, Mr Justice David Keane granted Mr Crosbie a limited postponement preventing NAMA taking enforcement action – such as appointing receivers – against a limited number of assets pending the outcome of a Supreme Court appeal against that judgment.

This means that NAMA cannot take control of his home at Hanover Quay, Dublin, or a number of assets linked to relatives of his.

NAMA's €77m judgment at the High Court arose from personal debts of Mr Crosbie and guarantees of liabilities of Shoal Trading Ltd and Ossory Park Management Ltd (OPML).

Judgment is not being sought for other sums due under a separate €353m facility for development of the Point Village, liability for which is limited to assets provided as security, plus an additional personal recourse amount.

Application

Mr Justice Keane gave judgment yesterday on two applications arising from his decision in June that NAMA was entitled to summary judgment orders for some €77m.

The first application, brought by Mr Crosbie, was for a stay pending the outcome of his main action against NAMA on the judge's ruling NAMA was entitled to €77m summary judgment. The judge refused that stay.

The second application, brought by NAMA, sought to strike out Mr Crosbie's proceedings against it on grounds he had failed to comply with the NAMA Act.

After the judgment was given yesterday, Kelley Smith BL, for NAMA, sought and secured an order entering judgment for some €77m against Mr Crosbie.

Michael McDowell SC, for Mr Crosbie, secured a limited stay on enforcement of that judgment pending his side's appeal against the judge's various decision to the Supreme Court.

The judge said he would only grant a stay on enforcement in relation to the limited assets specified, including the home of Mr Crosbie.

The court previously heard Mr Crosbie objected to conditions including maximum €5,000 monthly living expenses being sought by NAMA for not enforcing the €77m judgment against his home and other assets pending his proceedings.

Irish Independent

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