A pattern is beginning to emerge of NAMA suing developers and their wives personally with the latest application in Dublin’s High Court yesterday against Howard Holdings founder Greg Coughlan and his wife Ann Coughlan. Cork-based Howard Holdings has been in severe financial difficulties since 2010, the UK arm of the operation was wound up, and banks including Anglo pursued the directors of the group Greg Coughlan, Brendan Murtagh and Brian Madden. Greg Coughlan reportedly fled the country after the courts ordered his arrest for failing to supply a statement of assets to investors pursuing him for €28m. At its peak Howard Holdings was reputed to have €4bn of projects on the go in Ireland, the UK, Portugal and Poland. In July 2012, the couple’s self-built mansion in Kinsale came onto the market with a price tag of €3.75m, it is understood the property is in the name of Ann Coughlan only.
The High Court case reference is 2012/3671 S. The applicant is National Asset Loan Management Limited represented by Cork-headquartered solicitors Ronan Daly Jermyn. The respondents are Gregory Coughlan and Ann Coughlan, and as is usual with recently-filed application, there is no solicitor on record for the respondents.
Yesterday, we learned that NAMA was suing Liam Carroll and his wife Roisin. Earlier this month, NAMA sued John McCabe Senior and family including his wife Mary . Earlier this year NAMA sued Limerick developer Ger O’Rourke and his wife Majella.
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 30 separate actions in Dublin’s High Court and has been on the receiving end of six.
UPDATE: 24th April, 2013. NAMA has confirmed in its Q4,2012 report that it is pursuing Greg and Ann Coughlan for €376,161.03