Business Irish

Wednesday 22 November 2017

Orders sought for €306m against the Moritz Group

NAMA is seeking summary judgment for €306m against companies in developer Michael Whelan's Moritz Group of property and investment companies. It comes after the agency appointed receivers to a number of related assets earlier in the year.

Yesterday in the Commercial Court NAMA sought summary judgment orders for €137.6m against Maplewood Developments, €95.3m against Moritz Holdings and €74.6m against Rumbold Builders over unpaid loans advanced by three "NAMA banks". The companies all belong to the Moritz Group and the loans are all now held by NAMA. Lawyers for Moritz tried to block the move, saying more than 400 jobs could be affected.

A government minister made representations to NAMA after it initiated the proceedings, barrister Rossa Fanning, for the Moritz companies, told Mr Justice Peter Kelly yesterday.

The judge agreed to fast-track the case in the Commercial Court. A hearing date has been fixed for March 29.

Meanwhile, in a separate case NAMA yesterday tried to block another creditor from having a company wound up because the agency wants to appoint its own receiver.

It is thought to be the first time such an application has been made in the courts.

NAMA made its move after MCR Personnel Ltd petitioned the courts to have Albion Enterprises wound up over a €55,675 debt. MCR wants Kieran Wallace appointed as liquidator.

Ms Justice Mary Laffoy adjourned the matter for three weeks.

Irish Independent

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