A judge today granted a possession order against Frank and Maura Prendergast for their holiday investment apartment on Inchydoney Island, Co Cork.
Several weeks ago Circuit Civil Court Judge Jacqueline Linnane also granted Irish Life and Permanent PLC possession orders relating to three Dublin apartments belonging to Wyvale, a company in which the two Prendergasts are directors.
Barrister Ross Gorman, counsel for the couple, said his clients were of the belief that they had reached agreement with the bank to adjourn its Inchydoney Island application for possession on the basis of a new financing deal.
Mr Gorman said the Prendergasts, who live at Clonfadda House, Mount Merrion Avenue, Blackrock, Co Dublin, had negotiated fresh short-term financing with another lender, albeit on the basis of a 12 per cent interest rate.
He said the new provision would allow the Prendergasts to wipe out the black mark of judgment against their Wyvale company’s three apartments in Vicar Street, Dublin.
Mr Gorman said the understanding was to pay €300,000 to the bank, whose new name was amended by consent to Permanent PLC., to include outstanding mortgages on the three Vicar Street properties as well as the Incheydoney Island property.
Richard Downey, counsel for the bank, told the court the bank had not agreed to any such new arrangement.
He said the outstanding mortgage debts relating to the four properties was now approximately €400,000.
Judge Linnane said that in 2010, in an application for possession of the Incheydoney Island property, terms of settlement had been entered into by the Prendergasts which had been defaulted on.
A stay on the possession order had been based on very specific payments being met.
These were now in default and the bank was entitled to have the stay lifted, giving it possession of the property.
She lifted the stay.