Developer Sean Dunne is facing major action from NAMA over personal debts he has accumulated that are believed to total more than €100m.
Mr Dunne personally guaranteed a range of loans his companies used to buy properties and land. These personal guarantees can now be called in and NAMA is expected to go to court next week seeking a summary judgment against Mr Dunne.
Company accounts put the amount guaranteed by Mr Dunne nearer €40m, but the figure involved is believed to be much higher. The 'Sunday Business Post' claimed in July Mr Dunne has guaranteed debts of €150m. His company Mountbrook Homes declined to comment last night.
A NAMA spokesman confirmed that papers were served on Mr Dunne over Christmas and the agency was proceeding to enforce against the developer. NAMA has already appointed legal representatives for the case.
The decision by NAMA will come as a setback to Mr Dunne, who so far has not faced any banks seeking judgment against him.
Mr Dunne had tried to work with NAMA and said he was surprised last year when the agency put his Irish assets into receivership. Since then, Mr Dunne and his wife -- the former journalist Gayle Killilea -- have been trying to build new careers in the US.
In an interview late last year, Mr Dunne said: "Look it, I am over there doing what everyone is trying to do, make a living abroad."
Mr Dunne's chief Irish project is his D4 Hotels, which offers cut-price room rates in Ballsbridge. It has benefited from business associated with the Aviva stadium and is believed to post an operating profit.
Last September, Mr Dunne was finally given permission by An Bord Pleanala to develop his D4 Hotels site with hundreds of apartments, a hotel and retail space although works are not expected to get under way for some time.
When he paid €380m for the seven-acre site in 2005, Mr Dunne set a record for the price paid to purchase land in Ireland.