Investors may seek to discover assets

THE DAVY investors who secured a €62.5 million judgment against Bernard McNamara are expected to go to court to ascertain the extent of his assets.

The investors – who were willing to settle their claim earlier this week in return for a payment of between €5 million and €10 million – may go to court as early as next week to seek discovery of the property developer’s assets.

On Monday the Commercial Court heard that a solicitor acting for Mr McNamara had informed the investors he “does not at this time have any unencumbered assets. All of the equity in his personal assets has been utilised to support his various businesses.”

It is understood that if it is found that Mr McNamara has no unencumbered assets of any value, then the investors will seek to have their claim against him registered against his encumbered assets.

This would mean their claim would be registered below that of the banks which had charges against Mr McNamara’s property.

On RTÉ radio on Wednesday, Mr McNamara said that a number of years ago, professionals working for him had estimated his personal worth at €320-330 million. However he said he had mortgaged all his assets at the insistence of financial institutions.

He said settlement talks with the investors before Wednesday’s court decision to issue the judgment order were in relation to amounts of between €5 million and €10 million. It is understood the investors were looking for amounts of this order in return for settling the dispute.

Mr McNamara had offered to pay €100,000 a month.