Woman agrees to €46.8m court order over guarantee
Published 14/05/2010 | 05:00
A WOMAN has agreed that court orders for €46.8m can be made against her after she gave personal guarantees for loans to a building company.
The summary judgment orders were sought by ACC Bank against Mary Gilmartin, of Avena House, Ballisodare, Sligo relating to €37.3m in loans advanced to Avena Developments Ltd, which is now in receivership.
They also related to €9.58m in loans to Ms Gilmartin to buy sites and residential investment properties.
The case came before Mr Justice Peter Kelly on Monday and it was adjourned to yesterday when he was to be told whether Ms Gilmartin had a defence.
Yesterday the court heard she was consenting to the orders being made and she would continue to co-operate with the receiver appointed by ACC over Avena.
In those circumstances, Mr Justice Kelly entered a judgment for €46,891,225 against Ms Gilmartin, who was not in court.
On Monday, the judge had entered summary judgment for some €37.3m against Avena, with registered offices at Youngs Road, Ballisodare Town Centre.
The claim related to loan facilities provided to Avena in 2003, 2005 and 2007 mainly for developments in Ballisodare.
ACC had demanded repayment on dates from July 2009 and demanded immediate payment of both sums in March.
In an affidavit, Lorraine Fairley, a manager in ACC's Special Credit Assets Department, said the bank had been involved since May 2008 in ongoing negotiations with Ms Gilmartin both in her personal capacity and in her capacity as secretary and director of Avena.
The bank had afforded both Avena and Ms Gilmartin every opportunity to make the necessary repayments related to the loans, she said.