Thursday 21 September 2017

Gaybo firm settles court dispute over €6.7m loan

Gay Byrne. Photo: Damien Eagers
Gay Byrne. Photo: Damien Eagers

Tim Healy

A business partnership involving broadcaster Gay Byrne has settled a court dispute over loan repayments in relation to a Dublin investment property worth an estimated €13.5m.

The Firstwood Partnership had brought proceedings against Launceston Property Finance concerning a property containing a block of offices, retail units and car park at St Andrew's Lane in Dublin 2.

In 2014 the fund acquired a loan taken out by the firm from Anglo Irish Bank to acquire the property. That loan is due to expire in 2020.

The court had previously heard that the property had been valued at €13.55m in 2014 with approximately €6.7m outstanding on the loan.

The Commercial Court was yesterday told that the matter had been settled and could be adjourned to October.

The fund issued a demand for full repayment of the €6.7m outstanding on the loan and appointed a receiver.

The partnership argued the fund "contrived" a default on a fully-performing 20-year loan. It said there was no default on the loan and the fund was not at risk of not getting its money.

Irish Independent

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