Courts / Wicklow / Report

Couple claim NAMA demands could have adverse impact on their businesses

Date
2014-11-26

Stage
Hearing Or Decision

Primary locality
Enniskerry

County
Wicklow

Summary

In a High Court case, Jarlath and Lorraine Sweeney argue that National Assets Management Agency (NAMA) demands for additional security to keep their loan facilities operational would force them to commit a criminal offence under Irish company law. The couple, shareholders in several property‑related companies and owners of hotels such as the Esplanade and Wilton Hotels in Bray, secured loans of about €25 million from Anglo Irish Bank in 2009, later acquired by NAMA. They have provided assets of their companies as security but refuse to offer the unencumbered Summerhill House Hotel in Enniskerry, owned by companies where Mrs Sweeney is principal shareholder, as additional collateral. They claim NAMA's demand is unlawful, disproportionate and unreasonable, and that complying would breach company law because a statutory declaration and independent report are required, which they cannot obtain.

Who, what, where, when and why

What: Report matter: Couple claim NAMA demands could have adverse impact on their businesses. Procedural stage: hearing_or_decision

When:

2014-11-26 Publication

Why: by Aodhan O'Faolain A couple have claimed before the High Court that demands by the National Assets Management Agency for additional security in order to continue to operate loan facilities could have an adverse impact on their businesses. CNI source report