Developer bids to stop NAMA calling loan

DEVELOPER David Daly and his children have taken legal proceedings aimed at preventing the National Assets Management Agency (NAMA) insisting on repayment of their €457 million loans with AIB or the appointing a receiver over properties.

Michael Cush SC, for David, Joanne and Paul Daly, secured permission from the High Court yesterday to serve short notice of their proceedings on NAMA, the state and AIB.

Mr Cush said the Dalys’ case was that they were meeting all their loan obligations, but NAMA had taken the view that these were demand facilities which could be called in any time. NAMA had done so on Wednesday and given the Dalys until close of business on Thursday to repay all loans, he said.