Finance firm tells court brothers owe it €4.4m
Published 08/03/2016 | 02:30
A finance company is seeking summary judgment against two brothers over alleged unpaid loans of €4.46m.
Emberton Finance claims it is owed the monies by businessmen John and Michael Kinsella, both of Tomadilly, Marshalstown, Enniscorthy, Co Wexford.
The case was admitted to the Commercial Court list yesterday by Mr Justice Brian McGovern on the application of Emberton.
Brian Conroy Bl, for Emberton, said the case arose out of monies advanced to the brothers by Friends First Finance in June 2008.
It was advanced to refinance an existing loan on 64 acres at New Ross, Co Wexford, and to purchase 158 acres at Ferns, also in Wexford.
Emberton says the loan, together with associated security, was assigned to it by Friends First in March 2014.
It says discussions were held with the brothers' representatives in 2014 and 2015 with a view to resolving the Kinsellas' indebtedness.
An agreement was at one stage reached, but Emberton said the arrangement broke down.
In 2015, fresh proposals were put to Emberton in relation to the debt, which it did not accept.
Letters of demand for repayment were issued but the brothers have failed or refused to repay, it claims.
Receivers were appointed by Emberton over lands owned by the brothers, the court heard.
The brothers, who represented themselves, opposed to the matter being admitted to the Commercial Court list.
They also want to defend Emberton's claim against them, they said.
They said they had no dealings with Emberton and questions they had put to the company had not been replied to.
Mr Justice McGovern said he was concerned about some of the documentation presented to the court on the brothers' behalf, which contained what he described as "pseudo-legalised jargon".
He said the court had to deal with is matters of fact and law.
The court was not some "Harry Potter Movie set", he said.
He adjourned the matter to later this month to allow both brothers file sworn statements in defence of Emberton's claim for summary judgment.