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Wednesday 20 September 2017

Minister for Small Business being pursued for €2.47m loan

Tim Healy

THE Government Minister with responsibility for small business, John Perry, is being pursued by a bank for €2.47m over unpaid loans.

Danske Bank will apply to Mr Justice Peter Kelly on Monday to have its case seeking judgment for some €2.47m against Mr Perry and his wife Marie fast-tracked to the High Court's big business division, the Commercial Court.  

 

Mr Perry, an FG TD for Sligo/North Leitrim, was appointed Minister of State with responsibility for Small Business at the Department of Enterprise, Jobs and Innovation in March 2011.

 

The bank claims the couple, of Carrownanty, Ballymote, Co Sligo, are indebted arising from a October 2011 facility for €2.42m provided to restructure existing loans.

 

It claims the security for the facility included first legal mortgages over a retail premises, the Stone Park Restaurant and Perry's Hardware, all located at Main Street, Ballymote, and over some 50 acres of agricultural lands at Ballymote.

 

It claimed the loan was to be repaid in full some 12 months after it was drawn down in November 2011,  with the effect the final repayment date was November 19, 2012.

 

The couple made some repayments but, the bank claims, failed to keep up the level of interim repayments required under the terms of the loan facility. Last March, it demanded immediate payment of the total sum outstanding, with interest, of about €2.46m.

 

Late last May, solicitors for the bank demanded repayment of the total sum due within seven days.  

 

The bank also claims that, in March 2012, it wrote to the couple under the Code of Conduct for Business Lending asking if they were in financial difficulty and drawing their attention to the information and resources available to them. It also claims it engaged with the couple in efforts to resolve the situation.

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