Court clarifies power of Nama-appointed receiver

The High Court has clarified the powers a Nama-appointed receiver has in regards to the assets of two commercial properties.

Mr Declan Taite was appointed as receiver to the Poppyfield Retail Park in Clonmel, Co Tipperary, and the City West Retail Park, Ballincollig, Co Cork, by the National Asset Management Agency in September 2012.

Prior to his appointment the National Asset Loan Management Ltd NALM, which is a company of Nama acquired loans advanced to businessmen John F Ronan, John Fraher, Richard Pratt and Sean White between 2003 and 2005 to buy the properties.