Nama firm seeks judgment against businessmen for €48.5m

A Nama company is seeking judgment against two businessmen for a total of around €48.5m over unpaid loans advanced to them by the former Irish Nationwide Building Society.

National Asset Loan Management Ltd is seeking judgment against David D’Alton, Percy Place, Ballsbridge, and Louis Scully, Rathfarnham Rd, Terenure, both in Dublin.

It seeks judgment for around €10.3m against Mr D’Alton and for around €38.2m against Mr Scully.

Mr D’Alton has told NALM that he is denying liability, as the loans were “non-recourse”, which meant he was not personally liable.

The two men were party to a number of loan agreements between them and the INBS ,whose loans were taken over by Nama and later by NALM.

Six loans were advanced between 2001 and 2007 and the defendants failed to repay when repayment was demanded last June, according to NALM.

Gary Lynch, asset recovery team leader in Nama, said in an affidavit that every effort had been made to engage with the defendants on proposals from them as to how they might deal with the debt on a consensual basis. “Regrettably, no satisfactory proposals have been made and ultimately NALM was left with no option but to institute these proceedings,” he said.

Mr Justice Brian McGovern yesterday granted an application admitting NALM’s action to the Commercial Court list.