Courts / Dublin / Report
NAMA pursuing businessman over alleged transfer of properties to wife
Summary
The Commercial Court has heard pre-trial proceedings brought by National Asset Loan Management Limited, a NAMA subsidiary, against businessman David Cullen, his wife Mary, Seafield Hotel Ltd, Paramount Hotel Ltd, solicitor Fintan Wallis, and Stephen Cullen. The applicants allege that David C unlawfully transferred or charged over 40 properties to his wife in 2009 and 2010 to place assets beyond the reach of creditors, including Bank of Ireland loans later assumed by NAMA. It is further alleged that Cullen leased the Turk's Head Bar and Paramount Hotel to companies in breach of security covenants. Mr Fintan Wallis is accused of unlawfully procuring the registration of land transfers to Mrs Cullen, while Stephen Cullen is alleged to have acquired a leasehold interest in Seafield Hotel Ltd as its beneficial owner. All defendants deny these claims. NAMA previously secured a €29 million High Court judgment against David Cullen for unpaid loans. Defence counsel Martin Hayden SC opposed fast-tracking the case, citing alleged culpable delay by NAMA. However, Mr Justice Peter Kelly rejected this argument, noting that NAMA required time to assimilate evidence from Mary Cullen's cross-examination and that a suspicion of fraud had been articulated. The judge transferred the litigation to the Commercial Court due to the number of properties involved and Cullen's status as a €29 million judgment debtor. The matter remains at the charge or pre-trial stage.
Who, what, where, when and why
What: Report matter: NAMA pursuing businessman over alleged transfer of properties to wife. Procedural stage: charge_or_pretrial
When:
- December 19th Hearing Or Sentence
- 2009 and 2010 Other
- 2014-02-03 Publication
Why: Lawyers for NAMA claim Mr Cullen transferred or charged over 40 properties to his wife Mary in 2009 and 2010 in order to place the assets beyond the reach of his creditors. CNI source report
Case subjects
Applicant
Applicant
Applicant
Places mentioned
Topics
Fraud Stage Charge Or Pretrial
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