Limerick developer Daly offers to repay €1000/month to NAMA

LIMERICK accountant and former developer Michael Daly is to be examined before the Commercial Court over whether he has provided full details related to his financial affairs.

LIMERICK accountant and former developer Michael Daly is to be examined before the Commercial Court over whether he has provided full details related to his financial affairs.

Mr Daly, of the North Circular Road and formerly behind the Fordmount Property Group, is being pursued by the National Assets Management Agency over an €86 million judgment since 2010.

This week NAMA said it is not engaged in a “witch-hunt” of Michael Daly but wants to address various concerns including the transfer of his share in his family home to his wife “for natural love and affection”, the sale for €2 of shares in German companies previously given a value of €11 million and his current income and expenditure, the agency told the Commercial Court.

Mr Daly, a qualified chartered accountant, who has returned to his original profession in Limerick, says he had consented to the €86.5m judgment but is unable to pay that and has offered to pay €1,000 per month from his monthly salary of €3,000.

He said he considered NAMA’s attitude “wholly unreasonable” as he had disclosed all documents available to him and fully co-operated with Nama, including undergoing intensive examination about his financial affairs at the offices of its solicitors.

He said he had transferred his share in the family home in 2009 to his wife Dympna before judgment was entered against him and that transfer was planned from 2004 when he had left his practice as an accountant for involvement in development projects.

He agreed that transfer was accompanied by a declaration of his solvency. Nama, the court heard, wants documents from an accountancy firm, HDS Partnership, which was said to have prepared that declaration. NAMA said HDS was formed by former colleagues of Mr Daly at Grant Thornton and was the main auditor to the Fordmount Group of companies whose loans from Anglo Irish Bank were taken over by NAMA. On the issues raised about the German share sales, Mr Daly said they would “stand up to any review”. The shares sold had no value and the supporting assets were still in place, he said.

Mr Justice Peter Kelly said Mr Daly had provided extensive documents to NAMA and also submitted to an intensive examination about his financial affairs.

Mr Daly says he can do no more and had answered all the questions to the best of his ability but Nama had said it wanted to test his claims about specific matters, the judge said.

It is to proceed in April, the judge said.