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Mansfield must repay €74m debt

HOTELIER Jim Mansfield must repay the €74m debt he owes to NAMA, the Commercial Court has ruled.

Mr Justice Peter Kelly found Mr Mansfield had no defence to the application by NAMA and granted judgment to NAMA. The money relates to guarantees given by Mr Mansfield in relation to loans made by Irish Nationwide Building Society to two companies - Fallowvale Limited and Bridford.

Bank of Scotland is also pursuing Mr Mansfield, right, for €206m. That application will be heard on November 10. The claims are believed to amount to the biggest ever applications brought against an individual in the Commercial Court.

Mr Justice Peter Kelly yesterday granted judgment for €74,014,965 to Neil Steen for NAMA after rejecting arguments by lawyers for Mr Mansfield that he had an arguable defence to the claim.

Patrick Leonard, for Mr Mansfield, had raised issues including whether Kieran Wallace, the receiver appointed to the Mansfield Group last April, acted reasonably in rejecting offers of about €11.9m for Palmerstown House and estate.