National Asset Management Agency Act 2009
153.— (1) If the Court is satisfied, after considering the accounts and other relevant matters, that—
(a) it is unlikely that the sum secured by the charge would be recovered were the land to be sold within 3 months after the application, and
(b) there is no reasonable prospect of the chargor redeeming the charge concerned,
the Court shall make an order (in this Part referred to as a “vesting order”) vesting in NAMA, or a NAMA group entity nominated by NAMA, the interest of the chargor, subject to any undertaking under section 152 (2), in the land concerned.
(2) If the Court makes a vesting order, the Court shall also—
(a) determine the amount likely to be realised were the land to be sold within 3 months after the application, and
(b) make an order for possession of the land concerned in favour of NAMA or the nominated NAMA group entity.
Value Added Tax (VAT) treatment of a transfer of ownership of goods effected by vesting order made in accordance with section prescribed (1.11.2010) by Value-Added Tax Consolidation Act 2010 (31/2010), s. 16(1), commenced as per s. 125.