Date set for businessman’s challenge to transfer of loans to NAMA

THE legal challenge by businessman Paddy McKillen and several of his companies to the proposed transfer of €80 million “non-impaired” loans to the National Assets Management Agency will be heard on October 5 at the Commercial Court.

The hearing date was earlier this week fixed for October 12 but Michael Cush SC, for Mr McKillen, told Mr Justice Peter Kelly yesterday October 5 would better facilitate both sides. The judge agreed to fix that date, which has been listed to last four days.

The state has described the action as a “very real threat” to the “vital work” of NAMA and has sought for it to be speedily heard. On consent of both sides, it was admitted on Monday to the Commercial Court, which fast-tracks business disputes.