Judge rejects bid for €22m orders
Published 11/05/2011 | 05:00
A BUSINESSMAN has failed to get judgment orders over a €10m loan he gave to help three men buy lands for a €315m commercial, retail and residential development in Kildare.
Dermot O'Rourke sought orders for more than €22m against the three over their failure to repay the €10m loan which went towards the purchase of lands at Millennium Park near Naas.
The loan agreement, made to the three by Mr O'Rourke in 2006, provided for it to be repaid over three years at 30pc interest per year, the High Court heard.
Ms Justice Mary Finlay Geoghegan yesterday ruled Mr O'Rourke, Keredern House, Naas, was not entitled to the judgment orders against Thomas Considine, Coast Road, Oranmore, Galway; Patrick Sweeney, Main Street, Loughrea, Galway; and Gerard Prendergast, Moortown, Naas, Co Kildare.
Her conclusion was based on construction of a 2008 assignment of the loan by Mr O'Rourke to Bank of Scotland Ireland (BoSI) so as to address liabilities of his to the bank and a purported reassignment by BoSI of that loan back to Mr O'Rourke in 2010.