Irish developer wins high court battle to challenge nama ruling

Irish property developer Treasury Holdings has won a High Court bid to challenge a decision by the country’s state-run National Asset Management Agency (NAMA) to appoint receivers on some of the company’s property assets.

The international multi-billion euro property group claimed that it was not notified prior to NAMA calling in the loans late last year and that it was not given the “opportunity to be heard”.

The agency made a decision to call in the receivers in relation to 35 properties and debts of €900 million ($1.19 billion) without notifying the company for over a month, according to Treasury.

Source: OPP.org.uk