NAMA can target Grehans' UK assets
THE UK assets of developer brothers Ray and Danny Grehan can now be targeted after NAMA secured European Enforcement Orders as part of its attempts to recover more than €300m in loans from each of the brothers.
The orders allow NAMA to apply to the courts of all EU member states in its efforts to recover the loans.
Last month, the Grehans consented to judgment orders totalling more than €300m against each of them in favour of NAMA.
The sums arose mainly from guarantees provided by the brothers over multi-million euro borrowings of their companies but also included personal borrowings of €27m for Raymond Grehan and €22m for Danny Grehan.
Smaller judgment sums were sought in relation to two of the brothers' property partnerships -- The Ashford Partnership, which owns land in Co Wicklow and The St Loman's Partnership, which owns land in Lucan, Co Dublin. Judgment in the amount of €312m was entered against Ray Grehan and about €307m was entered against Danny Grehan.
Yesterday's orders relate to about €269.6m of the judgment entered against Ray Grehan and to about €264.8m of the judgment obtained against Danny Grehan.
The Grehans previously argued Allied Irish Banks had loaned substantial monies on short-term facilities in the knowledge they could not be repaid in the short term.
NAMA argued that the NAMA Act prohibited the Grehans making claims about their alleged understanding with that bank concerning repayment.
While the Grehans initially sought to defend the claims for judgment on the basis of their arguments concerning their alleged understanding with AIB, they consented to judgment last month.
In its proceedings against Raymond Grehan, of Bateman's Row, Shoreditch, London, the National Asset Loan Management Ltd sought summary judgment for about €269m, comprising about €27m arising from personal borrowings and the remainder -- about €242m -- arising from guarantees over borrowings of companies, including some €195m borrowings of Glenkerrin Homes.
In its proceedings against Danny Grehan, of Princes Park Parade, Hayes, Middlesex, the National Asset Loan Management Ltd sought summary judgment for about €265m on foot of multiple loan agreements and multiple guarantees.
The claim related to about €22m personal borrowings of Mr Grehan and guarantees of company borrowings totalling about €243m.
Nama took control of properties owned by the Grehans in April last via the appointment of receivers. An administrator was also appointed to their UK property assets.