Nama wins €269.6m action against Irish developer in Canadian court

 

A Canadian court yesterday ordered that the proceeds of a sale of a Toronto property owned by developer Ray Grehan be paid to Nama in partial satisfaction of the €269.6 million debt he owes the State assets agency.

Nama also won a judgment against Mr Grehan in the same Canadian court for €269.6 million. It won a similar order against the developer in the High Court in Dublin last year.

Last December, Nama took action against Mr Grehan to reverse the transfer of a €1.2 million condominium in Toronto’s Ritz Carlton which took place eight days after it won its judgment against him in Ireland.

The agency told the Canadian court that the deal was designed to defraud Mr Grehan’s creditors and should be set aside as a fraudulent conveyance.

Yesterday, the Toronto court ordered that Mr Grehan pay Nama subsidiary, National Asset Loan Management, €269.6 million.

It ordered that the net proceeds from the sale by First Source Mortgage Corporation of the condominium also be paid to the Nama subsidiary in part satisfaction of the judgment.