There seems to have been a relaxation in the intensity of NAMA’s foreclosure activity in recent weeks, ahead of the judicial review of its dealings with Treasury Holdings’ loans which is set to kick off at Dublin’s High Court on 3rd July, 2012. The judicial review seems to be quite wide-ranging and challenges the very core of NAMA’s operations. If it is successful – and the betting is that it won’t be, but you never know with the Irish judicial system – then it will have a fundamental impact on NAMA’s activities including past enforcement actions. Meanwhile, there is still a drip-drip of enforcement action.
According to yesterday’s edition of Iris Oifigiuil, NAMA has had receivers appointed to Wexford-based Ellen Construction Limited. Declan Taite and Anne O’Dwyer, both of RSM FGS Partnership were appointed joint statutory receivers on 14th June, 2012. Ellen Construction was controlled by brothers Michael Doran and Martin Doran, and Carmel Doran and is the company behind Bewley’s hotels at Dublin Airport and Leopardstown, a holiday home scheme in Wexford, and apartment complex developments in Dublin including Island Key apartment complex.It has been in financial trouble for some time, and the company was already in receivership and liquidation, so the appointment of NAMA’s receivers merely better protects NAMA’s interests.