It’s been quite a few weeks since NAMA initiated legal action in Dublin but yesterday the Agency was back in action at the High Court where an application was made against 11 individuals. The case reference is 2012/7029 P and the objects of NAMA’s attention this time are the following – Elaine Flynn, James Flynn, John Flynn Snr, John Flynn Jnr, Merlin O’Reilly, Patrick O’Reilly, Rita O’Reilly, Sarah O’Reilly, Michael O’Reilly, Peter Wilson and Philip Dinkel. As is usual with recently-made applications, there are no solicitors on record shown for the respondents. The Flynns have developed commercial property in Ireland and the UK, often in partnership with other major developers like the McCormacks and the Kellys.
The plaintiff is both NAMA and National Asset Loan Management Limited and both are represented by Matheson Ormsby Prentice, the law firm which apparently told Anglo that loans extended to the Sean Quinn children to buy shares in the bank were lawful. The inclusion of NAMA in the plaintiff may indicate the matters to be examined are serious.
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. NAMA generally doesn’t comment on individual legal cases.
So far this year, NAMA has launched 18 separate actions in Dublin’s High Court and has been on the receiving end of six.
UPDATE: 18th July, 2012. NAMA was asked for a comment on the above application and has come back with a “no comment” response.