Developer wins right to challenge Nama

Developer David Daly and his children have been granted leave by the High Court to challenge the demand by the National Assets Management Agency (Nama) for them to repay €457m they owe Allied Irish Bank.

Daly, his daughter Joanne and son, Paul, failed in a bid to obtain injunctions restraining the activities of AIB-appointed receiver Jim Hamilton, over their Irish assets, and Nama-appointed receivers Shay Bannon and Sarah Rayment over UK assets, including trophy properties in London’s Bond Street such as the Louis Vuitton building.