Brian Stokes permitted to seek to bring action over Nama receiver

This report is a localnews.ie summary based on public court reporting and records; sources are listed below.

Brian Stokes was granted permission under the 2009 Nama Act to seek to bring an action over a receiver’s appointment. Mr Justice David Keane granted the application at the High Court on 10 February 2016, on an ex-parte basis. The proceedings were reported on 11 February 2016.

The proposed action is against Nama, its subsidiary the National Asset Loan Management Agency and Siobhán O’Dwyer, whom they appointed receiver over lands at Inchanappa, Co Wicklow. Mr Stokes seeks a declaration that the appointment is invalid and an injunction restraining the receiver from selling the lands pending the final outcome of the case.

Represented by Bernard Dunleavy, Mr Stokes says he does not accept that the disputed property is a bank asset because there is no valid security over it.

He says he has other borrowings originally from AIB which were transferred to Nama in 2011. There is security over lands in Co Wicklow and elsewhere in respect of those borrowings, and receivers have been appointed. Those lands are the subject of other proceedings.