THREE COMPANIES in the Dublin-based Moritz Group have asked the High Court to grant a stay for three months on registration of orders requiring them to repay more than €172 million to the National Assets Management Agency. The agency is opposing the stay application.
A full hearing as to whether Nama is entitled to judgment for an additional sum of about €135 million will be held later.
Nama had brought proceedings seeking summary judgment orders for €137.6 million against Maplewood Developments, €95.3 million against Moritz Holdings and €74.6 million against Rumbold Builders over unpaid loans advanced by AIB, Bank of Ireland and Anglo Irish Bank (now Irish Bank Resolution Corporation).
Nama acquired the loans in late 2010. The companies separately owe some €280 million to Ulster Bank. At the Commercial Court yesterday, Mr Justice Peter Charleton was informed that the three companies were consenting to summary judgment for more than €172.4 million but wanted a stay for three months. They claim a stay would help save jobs within the group and allow them realise and maximise the value of assets for their benefit and Nama’s.
Eoin McCullough SC, for Nama, said there was consent to summary judgment orders for €70 million in the case of Maplewood, €27.8 million for Moritz Holdings and €74.6 million for Rumbold Builders, all with registered offices at Firhouse, Dublin 24.
It was further agreed the claim for judgement for the balance of the monies sought by Nama would be determined at a full hearing at a later date of the agency’s claim, counsel added.
Outlining Nama’s reasons for opposing the stay application, counsel said a business plan submitted for the Moritz Group was rejected by Nama in July 2011.
Nama was not satisfied the proposed plan would meet its objectives, including reducing debt and achieving optimum property management and realisation, he said. John Gleeson SC, for the Moritz Group, said it feared the value of certain assets it planned to dispose of in an orderly fashion for the benefit of its creditors would be adversely affected unless a stay was granted.
The hearing continues today.
