Saturday 21 October 2017

NAMA bids to remove developer's widow as executor

Tim Healy

NAMA wants to remove the widow of a developer as executor of his estate and replace her with an administrator chosen by it or a court.

It is the first application of its kind by NAMA, under the Succession Act, to the High Court's big business division, the Commercial Court.

NAMA, owed €649m arising from various loans to Liam Maye, who died in May 2008, is concerned that assets worth millions, including properties, a retirement fund, a Lexus car and golf membership have been transferred out of his estate to his widow Anne Maye and other family members or connected parties.

Mrs Maye and those advising her appear to believe the estate can continue to be managed "as if it is a private family concern" without regard to its creditors, it said.

It also alleges a company run by Emma Maye, a daughter of Mrs Maye, and her husband Alan Hegarty was paid some €1.4m between March 2012 and June 2011 to manage the portfolio of assets of Liam Maye.

It claims the estate of Mr Maye is insolvent with €649m liabilities to NAMA over estate-managed assets valued for NAMA at some €205m in 2009.

Mr Justice Peter Kelly yesterday described NAMA's allegations as "very serious".

Agreeing to fast-track the case in the Commercial Court, Mr Justice Kelly said there was hundreds of millions of euro involved although the estate was previously valued, when a grant of probate was being sought a month after Mr Maye's death, at €72,000.

In its application, NAMA wants orders removing Mrs Maye, of Weaver's Hall, Foxrock, Dublin, as executrix and appointing accountant Michael McAteer of Grant Thornton as administrator.

Among several claims, NAMA alleges Mrs Maye had in March 2009, in her personal capacity rather than executrix, entered into loans with IBRC, since acquired by NAMA, under which she became jointly and severally liable on a personal basis.

It claims Mrs Maye disputes this liability and is separately suing a firm of solicitors concerning her execution of those facilities in her personal capacity.

Irish Independent

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