Irish

Saturday 26 July 2014

NIB gets €8.3m judgment against Smyth company for unpaid loans

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Aoife Finneran

Published 06/12/2011|05:00

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A COMPANY'S unpaid loans which were allegedly guaranteed by solicitor and businessman Noel Smyth have resulted in a judgment order of €8.3m being granted against it.

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National Irish Bank secured judgment orders for €8,364,132 against Monway, with registered offices at Arkle Road, Sandyford, Dublin.

The bank is also seeking a judgment order for €9.6m against Mr Smyth over that guarantee, and his guarantee of a loan to a second company, but the claim will be heard at a later date.

Danske Bank, trading as National Irish Bank, had brought proceedings against two companies; Monway and Fitzwilliam Finance Corporation, both with registered offices at Arkle Road, Sandyford, Dublin, and Mr Smyth, Lisieux Hall, Murphystown Road, Sandyford.

Mr Justice Peter Kelly was yesterday told that Monway was consenting to judgment. Claims against Fitzwilliam Finance and Mr Smyth will go to a full hearing.

The bank had sought the €8.3m summary judgment order against Monway arising from a loan approved in November 2005 to purchase a development site at Dun Laoghaire, Co Dublin, and a loan of 2007 to buy a premises at Tyrconnell Road, Inchicore, Dublin.

The bank claimed Mr Smyth provided a personal guarantee of the liabilities of Monway up to a maximum €8.9m. Last September, the bank demanded repayment from Monway. When no repayment was made, it demanded repayment from Mr Smyth under his guarantee.

Irish Independent

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