National Asset Management Agency Act 2009
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Vesting orders. |
153.— (1) If the Court is satisfied, after considering the accounts and other relevant matters, that— | |
(a) it is unlikely that the sum secured by the charge would be recovered were the land to be sold within 3 months after the application, and | ||
(b) there is no reasonable prospect of the chargor redeeming the charge concerned, | ||
the Court shall make an order (in this Part referred to as a “ vesting order ”) vesting in NAMA, or a NAMA group entity nominated by NAMA, the interest of the chargor, subject to any undertaking under section 152 (2), in the land concerned. | ||
(2) If the Court makes a vesting order, the Court shall also— | ||
(a) determine the amount likely to be realised were the land to be sold within 3 months after the application, and | ||
(b) make an order for possession of the land concerned in favour of NAMA or the nominated NAMA group entity. |