News Irish News

Thursday 27 July 2017

McNamara gets more time to detail assets

Tim Healy

DEVELOPER Bernard McNamara has been given more time to lodge a statement of his assets in court.

Settlement talks are to continue between him and private investors who are pursuing him for €62.5m over unpaid loans to acquire the Irish Glass Bottle site at Ringsend, Dublin, the Commercial Court also heard yesterday.

Mr McNamara had previously written to the investors asking them to sign a "non-disclosure" agreement before releasing the asset statement to them as to ensure "unnecessary" material wasn't put into the media.

He has since given the statement to the investors, but it has not yet been filed in court, Mr Justice Peter Kelly heard.

Gary McCarthy, for Mr McNamara, told the judge this week his side wanted an extension of time to April 13 before filing the affidavit of means.

His application arose because there were private discussions between the sides relating to resolving most of the issues between them. The judge was told the investors consented to Mr McNamara's application and it was then granted.

'Impossible'

Last month, the court heard while Mr McNamara would provide a sworn statement of his assets and liabilities to the investors, it was "impossible" to outline the current value of his assets.

Mr McNamara must also provide details of all transfers of property or other assets to family members, connected parties or companies owned, controlled or associated with him since November 2006.

Details of all projects being carried out by Michael McNamara & Company (MMC), including the likely income stream such projects will generate, were also to be supplied, plus details of all the shareholdings held by Mr McNamara.

Mr McNamara previously said he had no unencumbered assets and was unable to pay the €62.5m.

The investors say they understand Mr McNamara has "extensive assets" held personally or through Irish companies and offshore companies, partnerships and joint ventures.

The application by the investors, who include Martin Naughton, Lochlann Quinn and the Coolmore Stud, arises after Ringsend Property Ltd, a Jersey registered company representing them, secured summary judgment for some €62.5m against Mr McNamara.

Irish Independent

Promoted articles

Editor's Choice

Also in Irish News