McNamara's asset statement deferred

INVESTORS PURSUING developer Bernard McNamara for €62.5 million over unpaid loans to acquire the Irish Glass Bottle site in Dublin have again agreed to allow him to defer lodging a statement of his assets in court while settlement talks continue.

Mr McNamara, the Commercial Court previously heard, was anxious to ensure “unnecessary material” about his financial position was not disclosed to the media.

Yesterday, on the investors’ consent he was given until May 4th to lodge his statement of means. Any cross-examination of Mr McNamara about that statement has also been deferred to that date.

The statement has already been given to the investors but has not yet been filed in court. If it were filed, it would be a public document and its contents could be published. Mr McNamara had, on March 25th last, been given additional time until yesterday to file the statement of his assets in court while settlement talks continued between him and the investors.

When the proceedings came before Mr Justice Peter Kelly yesterday, Gary McCarthy, for Mr McNamara, said the sides had consented to the matter being put back for another three weeks.

Mr McNamara had previously written to the investors asking them to sign a “non-disclosure” agreement before releasing the asset statement to them so as to ensure “unnecessary” material wasn’t put into the media. They declined to do so, but were later given the statement which they agreed to keep private.

There have been talks between the sides but the court has not been told if a settlement is likely.

Mr McNamara already said he has no unencumbered assets and was unable to pay €62.5 million.