NAMA moves on Dunne land

NAMA was granted permission by a US court to take control of 67 acres of land at Celbridge, Co Kildare, owned by bankrupt property developer Sean Dunne.

The State loans agency sought relief from the automatic stay granting Mr Dunne court protection from his creditors to take control of the land, which is now worth just €812,000 but is securing Nama debt of E65 million.

The Connecticut bankruptcy court granted the State agency permission to enforce its interest in the property at a court hearing in the US yesterday, paving the way for its eventual sale. Last month the US trustee managing Mr Dunne’s bankruptcy estate delayed Nama’s application to seize control of the land, pending the view of the official assignee, the Irish court official managing the Co Carlow developer’s bankruptcy in Ireland, on whether the agency had a valid lien on the property. The Irish Times