David Cullen’s Nama property transfer case moved to Commercial Court

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

David Cullen faces civil claims over alleged unlawful property transfers in the Commercial Court, after Mr Justice Peter Kelly said the litigation would be transferred there. The proceedings were reported on 4 February 2014.

Nama lawyers alleged that Cullen transferred or charged more than 40 properties to his wife, Mary Cullen, in 2009 and 2010 to put the assets beyond creditors’ reach. They also alleged breaches of loan security covenants involving the Turk’s Head bar and Paramount Hotel in Dublin’s Temple Bar.

The action was brought by National Asset Loan Management Limited, a Nama subsidiary, against David Cullen, Mary Cullen, Seafield Hotel Ltd, Paramount Hotel Ltd, Fintan Wallis and Stephen Cullen. The defendants deny the claims. Martin Hayden SC opposed fast-tracking, citing alleged delay by Nama.