NAMA has successfully stalled the sale of 22 holiday homes in North Clare
The loan agency came to the High Court claiming a priority charge of 5.7 million euro against the Ballyvaughan properties which were due to go under the hammer in Ennis tomorrow.
Nama’s lawyers argued that Art of Fitness which has a 19 and a half thousand euro mortgage judgement against the properties had no right of sale.
They claimed the debt has already been discharged and what was actually being sought was costs.
At 122 thousand euro, they argued the legal bill was excessive and down the pecking order when compared to Nama’s 5.7 million euro charge against the homes.
They also argued tomorrow’s sale would be premature and lead to a loss for taxpayers.
Mr Justice George Bermingham has agreed to stop the auction but he’s ordered that the legal costs are to be paid when taxed.
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