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Saturday 3 December 2016

ACC Bank seeking judgment for €33m over loans to businessman

Tim Healy

Published 22/03/2011 | 08:55

ACC Bank is seeking summary judgment orders for almost €33m against a Dublin businessman arising from unpaid property loans and guarantees.

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The proceedings against John Walsh, of Tinnahinch, Plunkett Avenue, Westminster Road, Foxrock, were transferred to the Commercial Court yesterday by Ms Justice Mary Finlay Geoghegan.

The bank is seeking summary judgment for €30.2m against Mr Walsh in one set of proceedings, while in a separate application it wants €2.67m summary judgment against him on foot of his alleged guarantee of loans given to Marydean Properties Ltd.

Both cases were adjourned to Monday next to allow counsel for Mr Walsh to take instructions as to whether any defence will be made to the applications.

CLAIM

ACC said the €30m claim arose from a €26.6m loan facility, plus interest roll-up of €3.19m, extended to Mr Walsh and two men in January 2008.

Most of that facility refinanced existing borrowings with Anglo Irish Bank relating to lands at Termonfeckin, Co Louth, and Ballyboghil, Co Dublin.

The site at Termonfeckin had planning permission for a new village centre but ACC said it became apparent after drawdown of the loan that a build was not commercially viable.

The bank claims it was an express term of the loan that it was to be repaid within two years but it agreed in January 2010 to extend the term for a further year, meaning final repayment date was January 15, 2011. No repayment was made.

In separate proceedings, ACC is seeking summary judgment orders for €2.67m against Mr Walsh and Richard Murphy, of Oak House, Hainault Road, Foxrock, Dublin, arising from alleged guarantees provided by both men in 2005 and others related to a €2.8m loan to Marydean Properties. It claims €2.67m remains outstanding.

Irish Independent

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