Wednesday 28 September 2016

Developers face court for €10.8m AIB debt

Tim Healy

Published 15/03/2016 | 02:30

The proceedings by AIB were transferred to the Commercial Court. Photo: Getty Images/Ingram Publishing
The proceedings by AIB were transferred to the Commercial Court. Photo: Getty Images/Ingram Publishing

A BANK is pursuing two businessmen for €10.8m in summary judgment orders over loans advanced for a development in Dingle, Co Kerry.

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The proceedings by AIB against Billy Moloney, of Racecourse Road, Tralee, and Eamon McCarthy, of Currans, Farranfore, were transferred yesterday to the Commercial Court.

John O'Donnell SC, for the defendants, said they were not objecting to the case being fast-tracked but among their concerns was that, notwithstanding the case, the bank should facilitate the speedy completion of sales of buildings/sites by providing its consent for those. Mr Justice Brian McGovern said the defendants could not seek to "negotiate" in court but he was sure the bank would be "sensible".

The bank's claim relates to various loan and guarantee facilities, including a €9.3m facility advanced in 2008 relating to a development site at Cnoc an Cairn, Chapel Lane, Dingle.

It is alleged some €10.8m is due and owing under the facilities and the bank is seeking judgment jointly and severally against both defendants.

The bulk of the sum being claimed relates to facilities advanced to both defendants concerning the Cnoc an Cairn development with a smaller sum sought under their limited guarantees of borrowings of Lartigue Developments Ltd, registered at Monavalley, Tralee.

Irish Independent

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