Nama initiates action for €2.5m against O’Flynn

Denis O’Flynn is facing an action for summary judgment over a €2.5 million debt by NAMA.

The debt relates to guarantees entered into by Mr O’Flynn with Allied Irish Bank in relation to a company Ramisen Ltd, which received loans to purchase lands in Co Cork.

Mr Justice Brian McGovern adjourned the case for two weeks after admitting the case to the Commercial Court list yesterday and after he was told discussions are taking place between the sides.

The National Asset Loan Management Ltd (NALM) is seeking an order for judgment to the sum of €2.5m against Mr O’Flynn

NALM issued a demand for payment on July 28th and alleges payment was not made.

Mr O’Flynn’s personal indebtedness to NALM under the guarantees is limited to €2.5 million, it is alleged.