Courts

Thursday 24 July 2014

AIB pursues businessman for more than €11m in loans

Published 12/05/2014|17:40

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All of the main banks here – AIB, Bank of Ireland, Ulster Bank and Permanent TSB – will be looked at as part of the investigation
AIB

AIB is pursuing a businessman over loans of more than €11.3m, the Commercial Court has heard.

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Brian Siggins, Bunalun, Skibbereen, Co Cork, is aged 75 and  in ill-health and wants some time to outline his defence to the application, his counsel Hugh O'Flaherty told Mr Justice Peter Kelly.

Counsel said he needed time to take full instructions from Mr Siggins concerning his defence but his client had raised issues including that it had been represented to him by an AIB manager that recourse for repayment would be limited to property.

Mr O'Flaherty  said the case also related to properties at Adare Manor with which AIB was involved.

Mr Siggins had been asked to extend a "put and call" option concerning those properties and did so but when he sought to extend, the assets had been moved to another party, counsel said.

Counsel for AIB said it had made some proposals as to how the matter could be dealt with.

Mr Justice Kelly said he would transfer the case to the Commercial Court list and adjourn it for three weeks to allow Mr Siggins file replying documents.

The proceedings have been brought by AIB and AIB Mortgage Bank arising from facilities advanced to refinance Mr Siggins existing loans with Anglo Irish Bank and for reinvestment into a project known as the Ritz/Carlton project, a solicitor for AIB said in court documents.

AIB and AIB Mortgage Bank had also advanced facilities related to two properties at Adare Golf Villas and two apartments at Roverwalk, Inner Ring Road, Waterford, the solicitor added.

The proceedings were issued after Mr Siggins had not repaid the sums allegedly due and owing on foot of letters of demand issued last February.

 AIB had also last February appointed receivers over charged properties at Gladstone Street, Clonmel, Co Tippperary; Oliver Plunkett Street, Cork and at William Street, Galway.

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