On Monday 26th November 2012, NAMA made an application in Dublin’s High Court – application reference 2012/4426 S – where the respondent is named as Paul Browne. No further details are given of the respondent and as is usual with recently-filed applications, there is no solicitor on record for the respondent. The applicant is National Asset Loan Management Limited represented by Hayes solicitors.
NAMA doesn’t comment on individual court cases, not even to confirm the precise identity of the respondent. And in this case, I can count at least eight Irish individuals named “Paul Browne” who are directors of companies, and it might be that the “Paul Browne” that NAMA is suing isn’t even a director. The Central Office at the High Court also will not provide information on individual court cases, even to barristers acting in the cases. So much for open justice!
In the past, NAMA has taken legal action against individuals to enforce personal guarantees or to secure personal judgments, but it should be stressed that we do not know if either of these objectives lies behind the current application.
So far this year, NAMA has launched 36 separate actions in Dublin’s High Court and has been on the receiving end of six.
UDATE: 22nd March 2013. The current issue of The Phoenix magazine reports that the “Paul Browne” above is the Kildare businessman behind the Killerig Hotel in county Carlow, and the case apparently involves €4m of personal guarantees relating to the hotel. NAMA of course put the company owning the Killerig Hotel – Killerig Hotel Limited – into receivership in 2011 and sources say that the sale of the hotel is at a critical point.