National Asset Management Agency Act 2009

Chapter 4

Vesting Orders

152.

Application to Court.

152.— (1) NAMA may apply to the Court for a vesting order if—

( a) an acquired bank asset includes a charge over land,

( b) the chargee’s power of sale has become exercisable, and

( c) NAMA forms the view that it is unlikely that the sum secured by the charge can be recovered by a sale within 3 months after the application.

(2) An application under subsection (1) shall, where there is a charge secured over the land concerned that has priority to the charge referred to in paragraph (a) of that subsection, contain an undertaking by NAMA to discharge that charge in accordance with section 154 .

(3) An application under subsection (1) shall be supported by an affidavit to which is exhibited evidence—

( a) as to the price likely to be realised, within 3 months after the application, by a sale of the land concerned, and

( b) of any other interests in the land, including any prior charge referred to in subsection (2) .

(4) NAMA shall serve notice of the application on—

( a) the chargor concerned,

( b) any chargee (whether prior or subsequent), and

( c) any guarantor of the relevant credit facility.

(5) NAMA shall publish a notice of an application for a vesting order in at least one daily newspaper circulating generally in the State.

(6) The Court shall set down an application under subsection (1) for preliminary hearing, at which it shall give directions for the taking of accounts in relation to the credit facility concerned. At the preliminary hearing the Court may stay the proceedings if a subsequent chargee wishes to offer to redeem in full the charge held by NAMA or a NAMA group entity.

(7) At a preliminary hearing under subsection (6) , the Court may direct that notice of the application shall be given to any other person.

(8) The Court may, in any application under this Chapter where it seems to the Court appropriate to do so, direct that evidence be given on affidavit. The Court may deal with the application summarily on consideration of any affidavits presented to it.