Nama sues two businessmen in effort to recover loans of €90m –

THE NATIONAL Asset Management Agency has sued three companies and two businessmen in an effort to recover more than €90 million arising from loans made by Allied Irish Banks for property developments in Dublin.

One of the businessmen, Reginald Tuthill, with an address at Cranmer Court, Whiteheads Grove, London, and a former address at Tower Road, Clondalkin, Dublin, was adjudicated bankrupt in England on August 29th last, the day before the Nama proceedings were served on him, the Commercial Court has heard.

Nama had appointed a receiver over the three companies after failing to be provided with statements of the assets and liabilities of Mr Tuthill and Derek O’Leary – with an address at Cubitt Building, Gatliff Road, London, and formerly of Oakmount, the Birches, Foxrock, Dublin – in the context of a business plan for the companies, the court also heard.

Mr Justice Peter Kelly agreed yesterday to enter summary judgment for about €90.5 million in favour of Nama against two of the three companies but adjourned the application for judgment against the third due to service issues. It was not expected there would be any opposition to judgment against it, he was told.

Judgment was entered against Sandyford Forum Developments Ltd and Blackthorn Securities plc but adjourned against Maycombe Developments Ltd, all with addresses at Oakmount, the Birches, Foxrock, and all in receivership.

On the application of Andrew Fitzpatrick, for Nama, the judge granted summary judgment for some €24.2 million against Mr O’Leary arising from loans and guarantees by him and Mr Tuthill, up to a maximum €24 million, of the liabilities of the companies, plus a facility for some €200,000. A solicitor for Mr O’Leary said he was consenting to judgment.

Because Mr Tuthill was adjudicated a bankrupt the day before the proceedings were served on him, the application for summary judgment for some €25 million against him was adjourned. That sum is made up of some €24 million allegedly due under personal guarantees of liabilities of the companies and a separate loan facility provided to Mr Tuthill to buy two apartments in Smithfield, Dublin.

The proceedings arise from several loan facilities advanced by AIB, including a €41 million facility of December 2008 to Blackthorn to part-finance its acquisition of a five-acre site at Sandyford, with repayment to be made by the end of September 2009 on terms including that repayment would be made from the sale of an office development and car parking spaces at South County Business Park in Leopardstown.

Another €18.85 million facility was advanced to Sandyford Forum Developments in December 2008 to part-finance the Leopardstown development, while a €20 million facility was provided to Maycombe, also in late 2008, to buy a two-acre site in Sandyford.

via Nama sues two businessmen in effort to recover loans of €90m – The Irish Times – Tue, Oct 23, 2012.

via Nama sues two businessmen in effort to recover loans of €90m – The Irish Times – Tue, Oct 23, 2012.