National Asset Management Agency Act 2009

153.

Vesting orders.

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.

Annotations:

Editorial Notes:

E14

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.