Moritz Group companies win stay on €172m Nama debt

The Commercial Court has granted three companies in the Dublin-based Moritz Group a stay for three months on entry of judgment orders requiring it to repay more than €172m to Nama.

The agency had opposed the stay application, but the companies claimed that a stay would help save jobs within the group and allow them to realise and maximise the value of assets for their own benefit and fro that of Nama.

Nama had brought proceedings seeking summary judgment for €137.6m against Maplewood Developments, €95.3m against Moritz Holdings and €74.6m against Rumbold Builders over unpaid loans advanced by AIB, Bank of Ireland and Anglo Irish Bank, now Irish Bank Resolution Corporation.