Courts / Wicklow / Report
Businessman wants to sue NAMA over appointment of receiver
Summary
Brian Stokes, a businessman from Inchanappa House, Ashford, Co Wicklow, applied to the High Court for permission to sue the National Assets Management Agency (NAMA) and its subsidiary, the National Asset Loan Management Agency (NALM), as well as the receiver appointed over his lands, Ms Siobhan O'Dwyer. The court, on an ex‑parte basis, granted the application and set a later date for the hearing. Stokes seeks declarations that the receiver's appointment is void, that the February 2007 mortgage between NAMA and AIB is void, and that the lands are not a bank asset under the 2009 NAMA Act. He also requests an injunction to prevent the receiver from selling the property. Stokes argues that the security attached to the Building Licence Agreement, which was intended to secure development obligations, has failed, and that no valid security exists over the lands in question. The case is set to proceed in the High Court.
Who, what, where, when and why
What: Report matter: Businessman wants to sue NAMA over appointment of receiver. Procedural stage: hearing_or_decision
When:
- February 2007 Other
- January 14th Other
- 2003 and 2007 Other
- 2016-02-10 Publication
Why: Represented by Bernard Dunleavy SC, Mr Stokes says he does not accept the property over which the receiver was appointed is a bank asset because there is no valid security over it. CNI source report
Places mentioned
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