As always, apologies to the international audience for the paucity of detail in this blogpost, we have one of the most expensive judiciaries in the world but the transparency of processes is medieval.
Today we learn via the Court Service that NAMA is suing an individual whose name is John McCann in Dublin’s High Court. The application was made yesterday and the applicant is a NAMA group company, National Asset Loan Management Limited which is represented by top-tier law firm, Eversheds. As is usual with recently-filed applications, there is no solicitor on record for the respondent. The case reference is 2013/701 S.
We don’t know who the John McCann is. We don’t even know if he is Irish. One high profile John McCann was the developer behind McEnaney Construction against which NAMA had receivers appointed in 2011, but there is no evidence that he is the target of the current application.
In the past NAMA has innocuously filed protective applications relating to certain transactions it was examining because the Statute of Limitations might prevent it from taking future action, but at the other end of the scale, NAMA has sought very substantial judgments against individuals on foot of personal guarantees. NAMA does not comment generally on individual applications.
So far this year, NAMA has initiated eight applications in Dublin’s High Court and has been on the receiving end of 13, though 12 of these relate to deposits at a Portugese golf resort development.