Bankrupt property developer Seán Dunne has taken a legal challenge disputing the validity of his troubled assets passing into the control of the National Asset Management Agency (Nama) after the 2008 property crash.
In High Court proceedings filed this week, Mr Dunne (70) is seeking orders, declarations and damages arising from the assets transfer. The proceedings are also taken in the names of his sons Ryan and Thomas, who are suing through their father.
Pending the outcome of the case, an order is being sought preventing the taking of any action to dissolve Nama.
Among the declarations sought is that the December 9th, 2009 appointments of Brendan McDonagh and Frank Daly respectively as chief executive and chair of Nama are null and void.
RM Block
Those appointments, it is claimed, were made in breach of the Nama Act 2009 because they were made prior to Nama’s establishment on December 21st, 2009.
Further declarations sought include that John Corrigan was never validly appointed to the board of Nama or as chief executive of the National Treasury Management Agency (NTMA), and that the appointments of Michael Connolly, Eilish Finan, Brian McEnery and William Soffe to the board of Nama on December 9th, 2009, are also null and void.
Any actions including transfers and enforcement actions, taken in relation to the plaintiffs’ loans on foot of the alleged invalid appointments, are null and void, it is claimed.
Damages are also being claimed over the defendants’ alleged wrongful conduct, including an alleged refusal to consider Mr Dunne’s restructuring proposals, and alleged breach of statutory duty and the duty of State bodies.
The proceedings are against Mr McDonagh; Alan Stewart, chief legal officer with Nama; Nama; National Asset Loan Management DAC; the NTMA; the Minister for Finance; the Attorney General, and Ireland.
Mr Dunne was declared bankrupt in 2013, owing hundreds of millions of euro to the banks. His bankruptcy term has been extended by the High Court due to his non-co-operation with bankruptcy officials and his non-disclosure of information about assets. He is not due to exit bankruptcy until 2028.
