Nama taking court action to enforce guarantees against property loans

State agency Nama is taking court action to enforce guarantees given by Maplewood Developments and a number of associated companies against property loans given to the business by AIB, writes BARRY O’HALLORAN .

Last month, Nama appointed Michael Coyle and Simon Davidson of HWBC Allsop as receivers to properties owned by Maplewood, Moritz and a number of other companies.

The receivers were appointed over the properties, which are mainly residential developments, and not over the individual companies. The loans were given by AIB and secured against the assets, but the companies themselves guaranteed the debts as security.

Nama this week filed High Court proceedings against Maplewood Developments, Moritz Holdings, Rumbold Builders and Highbridge No 2 Ltd.

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