Nama entitled to €77m order against Crosbie

Nama is entitled to enforce a €77m judgment against certain assets of businessman Harry Crosbie, a High Court judge has ruled.

Mr Justice David Keane, however, granted Mr Crosbie a limited stay preventing Nama enforcing against a limited number of assets pending the outcome of a Supreme Court appeal against the judge’s decisions.

The limited stay means Nama may enforce against assets excluding Mr Crosbie’s home at Hanover Quay, Dublin, and a number of limited assets linked to relatives of his.

Nama’s €77m judgment arose from personal debts of Mr Crosbie and guarantees of liabilities of Shoal Trading Ltd and Ossory Park Management Ltd. Judgment is not being sought for other sums due under a separate €353m facility for development of the Point Village, recourse for which is limited to assets provided as security, plus an additional personal recourse amount.

Mr Justice Keane gave judgment yesterday on two applications arising from his decision in June that Nama was entitled to summary judgment orders for €77m.

The first application, brought by Mr Crosbie, was for a stay, pending the outcome of his plenary action against Nama, on the judge’s ruling Nama was entitled to €77m summary judgment. The judge refused that stay.

The second application, brought by Nama, sought to strike out Mr Crosbie’s proceedings against it on grounds he had failed to comply with Section 182 of the Nama Act which requires, where it is sought to bring a case where declarations are sought against Nama, an application for leave to bring such proceedings must be brought.

The judge upheld arguments by Nama, because no such leave application was brought as required by Section 182, Mr Crosbie could not proceed with his application for declarations. He can proceed with his claim for damages against Nama on grounds including alleged misfeasance in public office but those proceedings are expected to await the outcome of his Supreme Court appeal against Mr Justice Keane’s rulings.

After the judgment was given yesterday, Kelley Smith, counsel for Nama, sought and secured an order entering judgment for some €77m against Mr Crosbie.

Michael McDowell, for Mr Crosbie, secured a limited stay on enforcement of that judgment pending his side’s appeal against the judge’s various decision to the Supreme Court.

The judge said he would only grant a stay on enforcement in relation to the limited assets specified, including Mr Crosbie’s home.

In an affidavit previously, Mr Crosbie said execution of the €77m judgment would be a “grave injustice” and have “catastrophic and irreversible” consequences for himself and his family.