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09/11/2011
Court Orders Grehans To Repay Over €500M
A court has ordered developer brothers, Ray and Danny Grehan, to repay collective debts of over €500 million.
The order came as a result of action by the National Asset Management Agency (NAMA) against the brothers over huge borrowings by the brothers' companies, as well as personal borrowings relating to each of the brothers.
Agreement was reached between NAMA and the Grehans to repay the sum during a court battle that concluded on Wednesday. The brother's outstanding debt was originally believed to be over €620 million.
The order was made against Daniel Grehan for almost €265m and against Ray Grehan for almost €270m.
Orders were also made against the brothers' company the Ashford Partnership for more than €16m and against another company, St Loman's Partnership, for more than €26m.
The summary judgment orders mean NAMA can now take further steps to try to recover the money.
The action was a watershed by NAMA, when in Arpil, it appointed an administrator to Ray and Danny Grehan’s London properties - the first application made by the State agency to the British courts.
The brother's owned an apartment block in London’s docklands called The Forge, and a site in the same region of the British capital with planning for a residential tower.
The developers also own the Crowne Plaza Hotel in Shoreditch, also in east London. They also own a retail centre in Ealing, which is close to Heathrow.
They also hold hundreds of millions of euros worth of property in Ireland.
(DW)
The order came as a result of action by the National Asset Management Agency (NAMA) against the brothers over huge borrowings by the brothers' companies, as well as personal borrowings relating to each of the brothers.
Agreement was reached between NAMA and the Grehans to repay the sum during a court battle that concluded on Wednesday. The brother's outstanding debt was originally believed to be over €620 million.
The order was made against Daniel Grehan for almost €265m and against Ray Grehan for almost €270m.
Orders were also made against the brothers' company the Ashford Partnership for more than €16m and against another company, St Loman's Partnership, for more than €26m.
The summary judgment orders mean NAMA can now take further steps to try to recover the money.
The action was a watershed by NAMA, when in Arpil, it appointed an administrator to Ray and Danny Grehan’s London properties - the first application made by the State agency to the British courts.
The brother's owned an apartment block in London’s docklands called The Forge, and a site in the same region of the British capital with planning for a residential tower.
The developers also own the Crowne Plaza Hotel in Shoreditch, also in east London. They also own a retail centre in Ealing, which is close to Heathrow.
They also hold hundreds of millions of euros worth of property in Ireland.
(DW)
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