On 12th January 2013, we reported on here how NAMA had receivers appointed to Tailored Homes (Irl) Limited, a company controlled by brothers Michael and John Taggart, two developers from county (London)Derry. During the 2000s, the brothers and slew of companies were highly successful in residential and commercial development on both sides of the Border, but in 2010, the banks moved against them, and in January 2013, NAMA moved against them. When times were good, they were very, very good and the Taggarts were one of Ireland’s premier helicopter class of developers, their’s was a twin-engined Eurocopter EC 135. However banks have moved against them in recent times.
Yesterday, in Dublin’s High Court, the Taggarts hit back with an application against Anglo, NAMA and receivers Grant Thornton who were appointed to Tailored Homes in January 2013. The precise respondents are Irish Bank Resolution Corporation, National Asset Loan Management Limited and Michael McAteer. As is usual with recently-filed applications, there are no solicitors on record for the respondents.
The applicants are Tailored Homes (Irl) Limited and Michael Taggart personally. Both applicants are represented by Downey Property Solicitors. The case reference is 2013/2364 P.
We don’t presently know the subject of the application or the remedies sought. The Taggarts have previously threatened to sue the banks which had lent to them, claiming that they have been unfairly dealt with. The Taggarts are also understood to have a separate action against Ulster Bank and against Tughans solicitors in Belfast.
So far this year, NAMA has been on the receiving end of 14 applications in Dublin’s High Court, though 12 of these relate to deposits at a single Portugese golf resort. NAMA has launched eight applications of its own in Dublin’s High Court.
For those of you unfamiliar with the Taggarts, the BBC has a 30 minute special on them which is available here, and is available for viewing in the Republic of Ireland.