PROPERTY DEVELOPER PADDY McKillen’s appeal over the transfer of €2.1bn of his loans to NAMA will be heard by a seven-judge panel at the Supreme Court today.
A month ago, the Commercial Court ruled that McKillen cannot resist the transfer of the loans from Bank of Ireland to NAMA.
McKillen had argued that the establishment of NAMA was unconstitutional and the decision to take over his loans had been made before the state agency had been formally established. He also claimed his business would be damaged by being linked to NAMA.
NAMA’s legal counsel argued that any move preventing the organisation from taking such loans from banks’ books would undermine its function of removing certain risks from the banks.
One of McKillen’s companies called the Maybourne group owns the prestigious Claridges Hotel and the Berkeley Hotel in London. The Guardian reports that efforts by that group to refinance its hotels has stalled.
Lawyers for McKillen and NAMA had urged the courts to hear McKillen’s appeal of that Commercial Court ruling as quickly as possible. RTÉ reports that a stay on the loans in in place until the outcome of the appeal.
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