NINA McFEELY, wife of bankrupt developer Tom McFeely, is to ask a judge to let her stay in their Dublin 4 home until one of her children completes his Leaving Cert next year.
Judge Jacqueline Linnane said in the Circuit Civil Court yesterday that she was prepared to grant Nama an order for possession of the McFeely home at Ailesbury Road, Dublin, but adjourned the question of freezing her order until tomorrow.
Martin Canny, counsel for the McFeelys, said the couple had little defence to give regarding Nama’s recovery of the property in light of a €10 million Irish Nationwide mortgage on it, but he would be applying for a stay on the court’s order.
The court heard the McFeelys got an interest-only mortgage of €9.578 million in December 2006 which had been defaulted on. Some €583,674 in unpaid interest was also outstanding .
Mr Canny said the McFeelys’ two teenagers lived with their mother in the house and he would be asking the court to allow the family to stay there until their 17-year-old had finished school.
Michael McDowell, counsel for Nama, told the court the McFeelys had no defence to the application for possession and Nama was prepared to agree to a stay of several weeks to allow them to find new accommodation.
He said the house was not insured and would remain uninsurable by Nama until it had full possession. It would not be agreeable to a stay until completion of the youngest child’s education.
Judge Linnane said in order to grant a stay she would require proof that the house had been insured or was in the process of being insured.