Nina McFeely, the wife of bankrupt developer Tom McFeely, has been given seven weeks to find alternative accommodation after a judge granted possession of their home on Ailesbury Rd in Dublin to Nama.
Judge Jacqueline Linnane refused a longer stay which would have allowed Mrs McFeely and her two teenage sons remain in the €10 million property while one of them completed his education over the next year.
The judge said taking into account the substantial amount outstanding to Nama, and the circumstances of the family, she would grant a stay on the order for possession, which she granted on Wednesday last, until August lst.
She told barrister Martin Canny, counsel for the McFeelys, that as far as the court was aware Mr McFeely already had accommodation in London.
Michael McDowell, counsel for Nama, said Mrs McFeely, a joint defendant in the proceedings with her husband, had stated in an affidavit it was her intention to appeal the possession order to the High Court.
He said it was an extraordinary situation where she had stated in the affidavit “I have some defence but I will not tell you what it is,” adding that she would have it ready for the High Court proceedings.
Mr McDowell said appealing to the High Court on undisclosed grounds was clearly a time wasting stratagem.
Mr McDowell said Nama had expressed its concern on Wednesday last about the fact the property, which constituted security for the former Irish Nationwide mortgage, was no longer insured.
He said Mrs McFeeley had merely informed the court that an independent financial consultant, an insurance broker, had been contacted by Mr and Mrs McFeely and the broker had started the process of sourcing quotes from the market.
Mr Canny said a letter from an insurance broker stated that steps were now being taken to ensure that a policy of insurance on the property, at No 2 Ailesbury Rd, Dublin 4, would be put in place.
The judge said security on the mortgage was at risk when there was no insurance in place. She awarded costs against the McFeelys.
Mr McFeely, a former Maze hunger striker, was declared a bankrupt in London in January last.