€6m judgments registered against developers
DEVELOPERS Larry O'Mahony and Thomas McFeely had judgments registered against them for €6.2m over unpaid loans on a large number of properties, including four at Dublin's exclusive Shrewsbury and Ailesbury Roads.
Last July, ACC Bank secured summary judgment orders for €6.2m against Mr O'Mahony and Mr McFeely over non-repayment of a commercial development loan issued in April 2005.
Mr Justice Peter Kelly granted summary judgment after finding Mr McFeely, Ailesbury Road, Ballsbridge, Dublin, and Mr O'Mahony, Shrewsbury Road, Ballsbridge, had no arguable defence to the bank's claim.
The bank has since sought statements of affairs from both men and John Gleeson, for ACC, told the judge yesterday those statements had been received last week. They now wanted time to consider the statements. The judge adjourned the proceedings on consent to allow the bank consider the statements.
The judge noted ACC has registered judgment mortgages against some 19 properties of the defendants. Those properties include two properties and a site at Shrewsbury Road, and others at Ailesbury Road, Rathgar Road and Temple Road, Dartry. They also include ground known as The Plaza, Tallaght; properties at Thomas Street, Holles Street and North King Street, Dublin; and premises at East Douglas, Carrigaline, Cork; Dundalk, Co Louth; and Bray, Co Wicklow.
The summary judgment application arose after ACC granted the April 2005 loan to repay a €4m loan to Ulster Bank and to make some €1.89m available for further development.