Friday 24 November 2017

NAMA sues businessmen to recover €90m loans from AIB

Tim Healy

NAMA has sued three companies and two businessmen in an effort to recover more than €90m arising from loans made by Allied Irish Banks for property developments in Dublin.

One of the businessmen, Reginald Tuthill, with an address at Cranmer Court, Whiteheads Grove, London, and a former address at Tower Road, Clondalkin, Dublin, was adjudicated bankrupt in England on August 29, the day before the NAMA proceedings were served on him, the Commercial Court heard.

NAMA had appointed a receiver over the three companies after failing to be provided with statements of the assets and liabilities of Mr Tuthill and Derek O'Leary -- with an address at Cubitt Building, Grosvenor Waterside, Gatliff Road, London, and formerly of Oakmount, The Birches, Foxrock, Dublin -- in the context of a business plan for the companies, the court also heard.

Judgment

Mr Justice Peter Kelly agreed to enter summary judgment for about €90.5m in favour of NAMA against two of the three companies but adjourned the application for judgment against the third due to service issues.

It was not expected there would be any opposition to judgment against the third company, he was told.

Judgment was entered against Sandyford Forum Developments and Blackthorn Securities, but adjourned against Maycombe Developments, all with addresses at Oakmount, The Birches, Foxrock, and all in receivership.

On the application of Andrew Fitzpatrick, for NAMA, Mr Justice Kelly also granted summary judgment for some €24.2m against Mr O'Leary arising from loans and guarantees by him and Mr Tuthill, up to a maximum €24m, of the liabilities of the companies, plus a separate facility for some €200,000. A solicitor for Mr O'Leary said he was consenting to judgment.

As Mr Tuthill was adjudicated a bankrupt the day before the proceedings were served on him, the application for summary judgment for some €25m against him was adjourned.

Guarantees

That sum is made up of some €24m allegedly due under personal guarantees of liabilities of the companies and a separate loan facility provided to Mr Tuthill to buy two apartments in Smithfield, Dublin.

The proceedings arise from several loan facilities advanced by AIB, including a €41m facility of December 2008 to Blackthorn to part-finance its acquisition of a five-acre site at Sandyford with repayment to be made by end-September 2009, on terms including repayment would be made from sale of an office development and car parking spaces at South County Business Park, Leopardstown.

Another €18.8m facility was advanced to Sandyford Forum Developments in December 2008 to part-finance the Leopardstown offices and car parking development, while a €20m facility was provided to Maycombe, also in late 2008, to buy a two-acre site at Heather Road, Sandyford.

Irish Independent

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