Court rules for Nama over unpaid €10m loans

Nama is entitled to summary judgment for €10 million against a developer over unpaid loans, a Commercial Court judge has ruled.

Nama sought judgment against Cyril Barden arising out of loans made to him and three others by Bank of Ireland and AIB for the development of two sites in Wexford. Mr Barden argued the agency was not entitled to summary judgment.

Mr Barden argued the acquisition of his loans by the agency was unlawful and he had a defence to the claim entitling him to a full hearing. Among his claims were that he was denied fair procedures relating to Nama’s acquisition of the loans and no conclusive and final valuation of the assets was made before that acquisition.

Mr Justice Peter Charleton yesterday ruled that Mr Barden was outside the time limits for challenging the transfer of the loans to Nama.

He also rejected Mr Barden’s claim the AIB loan was not repayable on demand.