Businessman's challenge against NAMA and IBRC set aside

The High Court has set aside a previous decision permitting judicial review proceedings brought by a Mayo property developer against the National Asset Management Agency, the Irish Banking Resolution Corporation, and other State parties. Thomas McEvaddy Snr and his company had sought declarations that certain sections of the 2009 NAMA Act were unconstitutional and incompatible with the European Convention on Human Rights. The developer also challenged NAMA's authority to recover loans and alleged wrongdoing by Anglo Irish Bank, including improper placement of legal charges and an undrawn loan facility. Mr Justice Michael Peart concluded that some grounds were filed out of time whilst others lacked substantial factual foundation. The judge held that under the 2009 Act, no liability can attach to NAMA for alleged wrongs by participating institutions, and that claims regarding overcharging on interest could not proceed by judicial review. Claims against State respondents have been adjourned with liberty to re-enter.