Friday 26 May 2017

ACC Bank seeking judgment for €1.4m over loan to Jim Corr

Tim Healy

ACC Bank is seeking judgment for €1.4m against musician Jim Corr arising from a loan given to him and others in 2004 to buy almost 100 acres of land.

At the Commercial Court yesterday, the bank secured summary judgment for €1.4m against another man arising from the same loan.

Liam Marks, The Coach House, Sandymount, Blackrock, Dundalk, Co Louth, told the court he was consenting to judgment.

Mr Justice Peter Kelly transferred the bank's proceedings against Mr Corr, with an address at Sharman House, Old Windmill Road, Crawfordsburn, Bangor, Co Down, to the Commercial Court.

The matter will be heard on Friday, when Mr Corr's counsel Ciaran Lewis, will outline the nature of any proposed defence by him to the bank's claim.

Mr Lewis said he had just come into the case and needed time to read the papers and take instructions.

The case arises from a €1.2m loan advanced to Mr Corr and Mr Marks in November 2004 to assist in purchasing some 97 acres non-residential lands at Gorebridge, Co Kilkenny.

Difficulties

The bank said Philip Marks, son of Liam Marks, was also a party to the letter of loan sanction but it was unsure of his whereabouts, having heard reports he is living in Hong Kong.

It intended to also bring proceedings against him, the bank said.

Yesterday, Bernard Dunleavy, for ACC, said there had been unsatisfactory talks in relation to the loan amounts outstanding from the defendants and the bank had in June 2010 demanded payment. It later issued the legal proceedings.

Due to difficulties serving notice of the proceedings personally on Mr Corr, the bank last September obtained leave from the High Court to effect service on him by ordinary post, counsel said. That was done in October 2010.

The court also heard there had been an unsuccessful auction last November to sell the lands, which are secured to the bank.

Noting the considerable problems in serving the proceedings on Mr Corr, the judge agreed to transfer the case against Mr Corr to the Commercial Court list.

He said he would give counsel for Mr Corr a brief period to take instructions as to whether a defence would be advanced and listed that matter for Friday.

Irish Independent

Promoted articles

Editor's Choice

Also in Irish News