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Nama in £60m court move against solicitors

Nama has obtained separate judgment orders in the Republic totalling more than €71m (£60m) against two solicitors.

They arise out of loans advanced mainly for property developments in the Munster area and included those given to shopping centres and residential developments.

The agency is also pursuing a number of businessmen and companies for sums ranging from €2.3m (£1.8m) to €50m (£40m) and these are relating to the same loans.

In four different sets of proceedings in the Commercial Court, Mr Justice Peter Kelly granted summary judgment orders sought by Nama against solicitor Paul O'Brien, with a Limerick address, which totalled just over €58m (£46.5m).

He also granted summary judgment for €13.8m (£11m) against a second solicitor - Denis McMahon, also with a Limerick address.

Arising from the need to address interest and other issues, the judge adjourned to Thursday Nama's claim for summary judgment orders against a number of other businessmen and companies.

The claims arose from 32 separate loans, 24 separate guarantees and indemnities and 79 separate security documents relating to 87 loans which transferred from Allied Irish Banks to Nama in December 2010.

The large property portfolio involved includes commercial properties, shopping centres, residential developments and residential properties in the Munster area.

Nama brought the proceedings following its rejection of business plans provided by Mr O'Brien and some of the other defendants.