Saturday 7 December 2019

Crosbie loses appeal over Nama debt

Businessman Harry Crosbie
Businessman Harry Crosbie

Tim Healy

Businessman Harry Crosbie has lost an appeal over Nama's efforts to recover a €77m debt under which his personal assets, including his family home, are at risk.

Mr Crosbie claimed a gross injustice has been done to him because Nama failed to honour an agreement that certain personal assets would not be part of the enforcement. Nama said there was no concluded agreement.

He appealed a High Court decision granting the judgment to a Nama company, National Asset Loan Management Ltd (Nalm) claiming he had a full defence to the claim.

In two separate judgments yesterday, a three-judge Court of Appeal dismissed his appeal.

His case centred on an August 2014 letter from Mr Crosbie's solicitor to Nama's solicitors in which the businessman agreed to the disposal of certain assets. The letter stated Nama would, on or before March 1, 2014, release any claim to Mr Crosbie's home at Hanover Quay and his son Simon's home in Blackrock.

The High Court found the letter was not a binding agreement and was no longer in force.

Irish Independent

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