Friday 23 February 2018

McNamara gets until May 4 to lodge statement of assets

Tim Healy

DEVELOPER Bernard McNamara has been given more time to lodge a statement of assets sought by investors who are pursuing him for €62.5m in unpaid loans for the Irish Glass Bottle site in Dublin.

The investors yesterday agreed before the Commercial Court to give him until May 4 to lodge his statement of means. Settlement talks continue.

Mr McNamara was given a similar extension a month ago.

The court had previously heard that Mr McNamara was anxious to ensure that "unnecessary material" about his financial position was not disclosed to the media.

The statement of means has already been given to the investors but has not yet been filed in court. If it was filed, it would be a public document and its contents could therefore be published in the media.

When the proceedings came before Mr Justice Peter Kelly yesterday, Gary McCarthy, for Mr McNamara, said the sides had consented to the matter being put back for three weeks.

Mr McNamara had previously written to the investors, asking them to sign a 'non-disclosure' agreement before he would release the assets statement to them. The investors declined to do so -- but were later given the statement, which they agreed to keep private.

Earlier this year, lawyers for Mr McNamara told the court that while he was prepared to provide a sworn statement of his assets and liabilities to the investors, it was "impossible" for him to outline the current value of his assets.


Lawyers for the investors said that they did not accept this.

They also reserved their position on whether they would seek to cross-examine Mr McNamara about the contents of his affidavit.

Mr McNamara agreed to provide a sworn statement of assets and liabilities, including all properties in which he or his companies hold an interest.

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

Details of all projects being carried out by Michael McNamara & Company -- and the likely income stream from them -- were also to be supplied, as well as details of all his shareholdings in various Michael McNamara companies.

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

The investors said they understood Mr McNamara had "extensive assets" held personally or through Irish companies and offshore companies, partnerships, joint ventures or other instruments.

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 €62.5m against Mr McNamara over the failure by his company, Donatex Ltd, to repay loans advanced towards the purchase of the glass bottle site in Ringsend, Dublin.

Irish Independent

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