Nama seeks judgment against two businessmen over INBS loans

A Nama company is seeking judgment against two businessmen over unpaid loans advanced to them by the former Irish Nationwide Building Society (INBS).

National Asset Loan Management Ltd (NALM) is seeking judgment for some €10.3 million against David D'Alton, Percy Place, Ballsbridge, and for some €38.2 million against Louis Scully, Rathfarnham Road, Terenure

Mr D’Alton has told NALM he is denying liability on grounds the loans were “non-recourse” with the effect he was not personally liable.

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

A total of six loans were advanced between 2001 and 2007 and the defendants failed to repay when repayment was demanded last June, NALM claims.

Gary Lynch, asset recovery team leader in NAMA, said in an affidavit 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 to fast-track NALM’s action against the men in the Commercial Court.