Ruling paves the way for bankruptcy of shopkeeper
A SHOPKEEPER who borrowed €32m from Zurich Bank to develop a retail centre in Co Monaghan is facing bankruptcy after he failed in a Supreme Court bid to mount a defence to the circumstances surrounding the granting of the massive loan.
Last week the Supreme Court rejected an appeal for a full hearing by Jim McConnon whose shopping centre in Main Street, Castleblayney, is now valued at between €1m and €2m.
The ruling paves the way for Zurich to bankrupt Mr McConnon, who admitted in earlier High Court proceedings that he could not repay the loan.
A stay had been placed on the summary judgment to repay the loan pending the outcome of the Supreme Court appeal.
Mr McConnon (40) had previously been rejected additional finance for the development by AIB in late 2006 on the grounds that the project, situated beside another major shopping centre, was not viable.