Thursday 14 December 2017

McKillen must pay €2m in costs for failed NAMA case

Tim Healy

Property investor Paddy McKillen was yesterday ordered to pay the costs -- estimated to be up to €2m -- of his failed High Court bid to prevent his loans being transferred to NAMA.

The three-judge court awarded costs to NAMA for the seven-day hearing taken by Mr McKillen, who did not resist the costs application.

The Commercial Court will rule on Monday on the scope of the appeal being taken to the Supreme Court by Mr McKillen against the rejection of his bid to prevent the transfer of €2.1bn of his loans to NAMA.

Mr McKillen is entitled to appeal because his case involved a challenge to the constitutionality of provisions of the NAMA Act 2009.

The NAMA Act precludes appeals on non-constitutional issues raised in legal challenges to the act unless the High Court certifies the issues are of exceptional public importance.

Yesterday, senior counsel for Mr McKillen, Michael Cush, said his side believed, where there is an appeal on a constitutional issue, every point in the case could be raised before the Supreme Court.

Brian Murray senior counsel for the State and NAMA, said it was critical the appeal was speedily heard and determined, and it should be confined to a narrow constitutional issue.

The NAMA Act provides for the acquisition of loans to be completed by February next.

Irish Independent

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