Friday 21 October 2016

Businessman Breslin pursued for €9m debt

Tim Healy

Published 14/07/2015 | 02:30


A Nama company is pursuing a businessman in the Commercial Court for some £9m under his personal guarantee of loans to a company of some £22m.

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National Asset Loan Management Ltd (NALM) says Michael Breslin had, for the purposes of the guarantee, given an address at Barcley Drive, North Haven, New York - but his solicitors had indicated in correspondence he did not live there.

He is domiciled in the US, an affidavit from NALM stated.

The case arises from loans advanced by the former Anglo Irish Bank in 2007 to a company, Car Park Solutions Ltd, with registered offices at Belturbet, Co Cavan. The loans were later transferred to Nama.

In its proceedings, NALM claims security for the facilities included guarantees of Michael Breslin and two other men.

Ailil O'Reilly BL, for Mr Breslin, told the court his client has a defence to the NALM claim and indicated there may be an application later concerning whether the Commercial Court has jurisdiction.

NALM had delayed more than six years in bringing the proceedings, counsel argued.

James Doherty BL, for NALM, said delay in bringing the proceedings arose because NALM was awaiting sale of certain properties by receivers.

These were at Waterloo Road, London, which sold for more than £15m, and the Bayside Shopping Centre, Dublin, which sold for €3m. Those sums went to reduce the debts of Mr Breslin, it was stated. Further delay arose as a result of trying to find Mr Breslin, counsel said.

Mr Justice Brian McGovern granted Mr Doherty's application to admit the case to the Commercial Court. He adjourned it to allow Mr Breslin's side indicate the grounds of their defence and bring any motion contesting jurisdiction.

Irish Independent

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