It seems that NAMA is getting personal with developers in recent weeks with applications against some of the biggest boom-time developers including Bernard McNamara and John McCabe. Today we learn that Master of the Shoebox Apartment himself, Liam Carroll has been targeted, after NAMA yesterday made an application in Dublin’s High Court. Liam was behind a number of large apartment developments in Dublin during the boom including the Alliance building off of Barrow Street recently sold to Californian real estate investment company Wilson Kennedy for over €40m and Castleforbes Square where Allsop Space have been selling apartments in nearly all of their quarterly auctions.
The case reference at the High Court is 2012/3651 S [note, the way the Courts Service website works means that you may need enter the case reference again after accepting the terms and conditions of the website] The applicant is National Asset Loan Management Limited and is represented by Dublin-based Hayes solicitors. The respondents are Liam Carroll and Roisin Carroll. Roisin Carroll is the name of Liam’s wife. As is usual with recently-filed applications there is no solicitor on record for the respondents.
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 29 separate actions in Dublin’s High Court and has been on the receiving end of six.
UPDATE: 5th November 2012. NAMA has today obtained an order of €30.7m against Liam Carroll and together with Bank of Scotland has obtained a judgment of €32 million against the developer’s wife, Róisín Carroll, over some of the same loans. The case came before Mr Justice Peter Kelly and BoS said Liam was cooperating and that it has gotten involved in the same action alongside NAMA “because other creditors had begun to move against Mr Carroll”