The National Asset Management Agency (NAMA) is reportedly pursuing the owner of two of Templebar's most recognisable hospitality establishments, over alleged unlawful transfers of property.
NAMA's lawyers claim that businessman David Cullen transferred more than 40 properties to his wife in 2009 and 2010, in an attempt to place assets beyond the reach of his creditors.
The Irish Times reports that NAMA has alleged that Mr Cullen leased the Turk’s Head bar and Paramount Hotel in Dublin’s Temple Bar to two companies, a move which would be in breach of security covenants in loans advanced by Bank of Ireland, since taken over by NAMA.
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Enjoy full access to Hospitality Ireland, our weekly email news digest, all website and app content, and every digital issue.The paper alleges that in March 2013 NAMA obtained a €29-million High Court judgement against Cullen because of unpaid loans from Bank of Ireland for properties including the Turk’s Head and Paramount Hotel.
The action is being brought by the National Asset Loan Management Limited against David Cullen, his wife Mary, Seafield Hotel Ltd, Paramount Hotel Ltd, Fintan Wallis and Stephen Cullen.
