There were 40-odd NAMA initiated High Court cases reported on here in 2012 but this one slipped through the net, because of the format used by the Court Service in recording the name of the applicant. So, to catch us up..
On 2nd March 2012, National Asset Loan Management Limited initiated a case in Dublin’s High Court – case reference 2012/821 S – where the respondents are shown as Tipperary developers, Pat Moloughney and Philip De Vere Hunt, both represented by Kilroys Solicitors. The Court Service recorded the applicant as “NALM Limited” – NAMA is represented by JW O’Donovan and Co, which is interesting because that firm doesn’t appear on the NAMA panel of legal firms used for “certain legal services” relating to enforcement.
In December 2012, according to The Phoenix magazine published yesterday, Philip de Vere Hunt, a farmer and auctioneer, died. It seems that the case is proceeding and is next due for mention in April 2013.
The Phoenix reports that NAMA is pursuing the pair for €30m in respect of an AIB loan for the development of the Clonmel Town Shopping Centre in 2007, which opened in 2008 with Tesco as the anchor tenant. The shopping centre was developed by a company, BDP Property Development, owned by the pair who had other business interests together including an aviation company.
Clonmel Town Shopping Centre with Tesco as anchor tenant – I dont know the centre in question, however one assumes with Tesco insitu the centre is not a ‘ghost development’ – one has to wonder how many ‘developers’ are simply deciding ‘not to pay’ their bills.