It was on the 24th and 25th of July 2012 that NAMA had receivers appointed to companies controlled by Derek O’Leary and Reginald Tuthill, and yesterday in Dublin’s High Court, the Agency lodged an application against some of their companies and also against Messrs O’Leary and Tuthill as individuals.
The case reference is 2012/3264 S and the respondents named are (1) Sandyford Forum Developments Limited (2) Blackthorn Securities PLC (3) Maycombe Developments Limited (4) Stuart Tuthill and (5) Derek O’Leary. As is usual with recently-filed applications, there is no solicitor on record for the respondents.
The applicant is National Asset Management Limited which is represented by Dublin solicitors Beauchamps.
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 21 separate actions in Dublin’s High Court and has been on the receiving end of six.