Crosbie rejects claims he his obstructing Nama in seeking to collect €77m ruling

Businessman Harry Crosbie “entirely repudiates” claims by a Nama company that he is obstructing its efforts to establish his assets for the recovery of a €77m judgement, his lawyer has told the Commercial Court.

National Asset Loan Management Ltd (NALM) has received €31m from sales of Mr Crosbie’s secured assets but estimates a shortfall of €43m, plus costs, after sale of the remaining secured assets.

In court documents, it says its only recourse for the shortfall is to the remaining assets of Mr Crosbie, including Dublin’s Vicar St music venue, income from that venue, and his interest in various properties.

Information from Mr Crosbie last month, not previously disclosed to NALM, showed he received income of €1.8m from Vicar St between 2012-2015, it said.

Mr Crosbie had yet to clarify his interest in Vicar Street and has “failed to assist in any real way” in identifying what property or means he has to satisfy the judgement, it added.

Yesterday, Kelly Smith, for NALM, said Mr Crosbie’s engagement was “not fulsome” and Nama was concerned it does not have a “proper picture” of his assets and liabilities.

Michael McDowell, counsel for Mr Crosbie, said Mr Crosbie and his advisors were willing to meet with Nama and provide documents. The claims of obstruction against his client were “entirely repudiated” and, called the Nama approach was “excessive”.

Mr Justice Brian McGovern said NALM cannot be accused of bullying when, a substantial part of the judgement remains outstanding.

The judge adjourned Nama’s motion for hearing on December 19 but, before that and once information is provided, directed both sides meet by December 14.