National Asset Management Agency Act 2009

PART 13

Miscellaneous

211.

Avoidance of certain transactions.

211.— (1) Where, on the application of NAMA or a NAMA group entity, it is shown to the satisfaction of the Court that—

( a) an asset of a debtor or associated debtor, guarantor or surety was disposed of, and

( b) the effect of the disposition was to defeat, delay or hinder the acquisition by NAMA or a NAMA group entity of an eligible bank asset, or to impair the value of an eligible bank asset or any rights (including a right to damages or any other remedy, a right to enforce a judgment and a priority) that NAMA or the NAMA group entity would have acquired or increased a liability or obligation but for that disposition,

the Court may declare the disposition to be void if in the Court’s opinion it is just and equitable to do so.

(2) In deciding whether it is just and equitable to make a declaration under subsection (1) , the Court shall have regard to the rights of any person who has in good faith and for value acquired an interest in the asset the subject of the disposition.

(3) Nothing in this section affects the operation of section 14 of the Conveyancing Act 1634 or section 74(4)( a) of the Land and Conveyancing Law Reform Act 2009.