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ARTICLE · 26 JUNE 2013

Notice Party Costs In Judicial Review Proceedings

Mason Hayes & Curran LLP
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In the substantive proceedings, the High Court dismissed the applicants’ claim and refused to quash decisions made by the National Asset Management Agency, on 8 December, 2011 and 25 January, 2012.

IrelandLitigation, Mediation & Arbitration
Lisa Joyce
Lisa Joyce
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Treasury Holdings & Ors v The National Asset Management Agency Limited & Ors [2012] IEHC 518 (High Court, Finlay Geoghegan J, 7 December 2012)

In the substantive proceedings, the High Court dismissed the applicants' claim and refused to quash decisions made by the National Asset Management Agency ("NAMA"), on 8 December, 2011 and 25 January, 2012.

These decisions related to multiple facilities of Treasury Holdings which had been taken into NAMA, including a syndicated loan relating to the Spencer Dock Developments. One of the decisions was to appoint receivers to properties that comprised the security for the various facilities in default, failing repayment.

KBC Bank Ireland plc. ("KBC") was joined as a notice party to the proceedings on its own application on 26 January, 2012, the day after the proceedings commenced. No reliefs were sought against KBC. However, it successfully sought to be joined in order to protect its own commercial interests which arose from

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