Commercial Court to rule on Nama-McKillen case on Monday
The Commercial Court will decide on Monday whether to grant leave to appeal to Paddy McKillen following the developer’s failed challenge to NAMA's acquisition of his €2.1bn loan portfolio.
The Commercial Court ruled on Monday that the legislation behind the agency was "a proportionate response to a very grave financial situation".
In order to secure a full Supreme Court hearing, Paddy McKilllen's legal team first has to get permission from the Commercial Court.
His lawyers have to demonstrate that an appeal will tackle points of law that are uncertain, in the public interest, and of exceptional public importance.
Senior Counsel Michael Cush is bringing forward two points of appeal, one on state aid. In the other, he will argue that Nama’s acquisition of the developer’s loans breached Paddy McKillen’s right to fair procedures because he was given no opportunity to argue against their takeover.
The issue of fair procedure, he said, goes beyond the developer and goes to the root of every borrowers interaction with Nama.
The State denies an appeal on these grounds will raise issues of broad importance as Nama has almost completed the process of acquiring loans
A decision will be made by the three-judge court on Monday.
