Continuing to play no small part in supporting the most expensive market for legal services in Europe, NAMA has launched legal proceedings against the developer behind Chieftain Construction, Limerick-man Ger O’Rourke and his wife, Majella – it is the two individuals that NAMA is suing, not the company. The NAMA entity that made the application on Thursday last 19th April, 2012 at Dublin’s High Court is National Asset Loan Management Limited and is represented by Dublin solicitors, Whitney Moore which I believe is the first time this firm has been used by the Agency. The case reference is 2012 / 1451 S
Ger O’Rourke, aged 50 – pictured here on his €0.5m racing yacht – has been in the wars for some time and has previously had a €21m judgment awarded against him in favour of AIB and in March 2012, the Limerick Leader reported him saying that he had debts of over €100m with assets of less than €4m. His wife Majella had been a director of Chieftain but this is the first time that I have seen husband and wife sued by the Agency in their own right.
Chieftain Construction has been behind major projects here, in the US, South Africa and the UK including a €50m hotel-centred redevelopment around Liverpool’s Lime Street railway station.
We don’t yet have details of the current application. 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.
UPDATE: 24th January 2013. The Phoenix Magazine in Dublin, out today, claims that NAMA is pursuing two remedies against Ger O’Rourke and his wife, Majella. Firstly there is a €435,000 judgment against the Limerick developer, and secondly there is the reversal of the transfer of what is described as the family home at Mill House, Ballyclogh, County Limerick. A judgment is awaited.