Property developers hit by €47m judgment
AN investment fund has secured a €47m judgment against property developers Michael and Kevin Corbett.
LSREF III Achill Investments has also obtained judgment for another €10.5m against Michael Corbett.
LSREF, a Dublin registered firm engaged in fund management, sought judgment in the Commercial Court against Michael, of Annaville, Western Road, Cork, and against Kevin, of Grenagh, Cork, in relation to several loans it acquired from Ulster Bank in November 2014. The Corbetts opposed the application for summary judgment. Their lawyers argued they had raised points requiring the dispute to be determined at a full hearing of the Court.
Mr Justice Max Barrett said "on a human level one cannot but feel" for the Corbetts and the "unhappy position they now find themselves in".
But, he said, as a matter of law there was no basis to justify sending the case for full plenary hearing.