Galway Bay fm newsroom - Galway firm JJ Rhatigan is facing a High Court challenge from Nama over the future of a development site in the city.
The dispute centres on the 14 acre Crown site on the Monivea Road, which JJ Rhatigan is currently using as a compound.
According to the Sunday Business Post, Rhatigan had been developing the site for another company when the recession hit, and the loan was eventually transferred to NAMA.
The original borrowers, who also had an obligation to JJ Rhatigan, agreed that the builders would take over the sire when then ran into financial trouble.
JJ Rhatigan has made a commercial proposal to KPMG, but the court action has indicated that the liquidator would prefer full ownership of the site - and a sale of the asset to satisfy the debts secured against it.
Under the terms of the proposal, JJ Rhatigan would apply for new planning permission for a mixed commercial and residential development which would be sold and the profits split between NAMA and the developer.
