- Section 172 – Debtor cannot form part of team acquiring eligible assets in the future. (There are some anomalies though.)
- Section 141 – Where NAMA believes it is appropriate to enter lands and work on them they can seek court notice to do so. 24hrs after serving of same they have power to enter property even where Debtor is not subject to enforcement action/or in default.
- Section 142 – extinguishes the interest of any other chargee or mortgagee on eligible asset.
Where the interest of the chargee is extinguished their interest attaches to the proceeds of
any sale. This tool can be used to give “tidy title” to eligible asset and in turn facilitate a future sale.
- Section 146/147 – Statutory Receiver, unlike ordinary Receiver cannot be ousted by an Examiner
- Section 158 – Allows for the compulsory acquisition of assets where:
- Land is owned by a Debtor who is in default
- Land was intended to form part of security (but currently doesn’t)
- Debtor or associated party intend to use it as a ransom strip
Some recent statistics we are advised re NAMA
- 67% of Debtors have received their Letter of Support
- 5% of Debtors facilities have been restructured
- 28%, the balance, were subject to enforcement action
- €221m has been recovered from non-securitised assets (i.e. on the back of PG’s)
- NAMA estimate there is an addition €280m of non-securitised assets which will pursue via PG’s.
- To date NAMA have reversed €160m of transfers
What Questions Do You Have?
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