Wednesday 29 January 2020

Sean Dunne will consent to €184m NAMA judgment

DEVELOPER Sean Dunne will consent to summary judgment orders of €184m being made against him at the Commercial Court today.

The National Asset Management Agency (NAMA) is seeking the orders as it tries to recover money owed as a result of personal guarantees given by Mr Dunne for property loans.

Mr Dunne became a household name, and even hit the international headlines, when he paid a record-breaking €379m for the Jurys and Berkeley Court hotel sites in Ballsbridge in 2005. That deal was backed by a group of banks led by Ulster Bank.

NAMA is seeking the €184m judgment against Mr Dunne in an effort to make good on personal guarantees he gave for property loans understood to include loans linked to the €130m purchase of Hume House, also in Ballsbridge, and the Riverside IV office block in central Dublin.

Registering a summary judgment order with the courts is the first step in taking enforcement proceedings to recover the cash.

NAMA has already taken over key assets owned by Mr Dunne, including Hume House, through the appointment of receivers.

NAMA acquired the Dunne loans in July 2010, and a year later the agency issued a demanded for repayment. NAMA initiated court proceedings last Christmas, after Mr Dunne failed to repay the loans.

The case was due to be heard next Monday but last night NAMA's legal representative James Doherty told Mr Justice Peter Kelly that solicitors for Mr Dunne had indicated there would be "a consent to the matter when it was due to be heard".

The judge was told that Mr Dunne would be consenting to the case being transferred to the Commercial Court, and to the application for summary judgment.

It means Mr Dunne will not try to stop NAMA registering its claim. Justice Kelly moved the case forward to today as a result.

Irish Independent

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