€8.6m judgment over failure to repay loans on educational centre
JUDGMENT for €8.6m has been entered in the Commercial Court against a businessman over his failure to repay loans related to a building let out as an educational centre.
Joseph Woods, of Damastown, the Naul, Co Dublin, was given loans totalling around €7.7m by the former Anglo Irish Bank, now the Irish Bank Resolution Corporation (IBRC) Ltd, in November 2008 to buy a site at Mill Street, Balbriggan, and to build there and fit out a property called "Sarsfield House" which was later leased mainly to the Co Dublin VEC.
The bank claims that by September 2010, the loan was in arrears of around €276,000 after Mr Woods failed to make repayments. Between August 2010 and March this year, IRBC says it has engaged in extensive negotiations with Mr Woods, his son Joseph junior, and his financial adviser with a view to dealing with his indebtedness.
However, the bank claims, that despite a number of proposals aimed at doing so, and in particular the use the rental income from Sarsfield House to service the debt, Mr Woods has failed in his obligation to
bring in a viable repayment proposal. The amount owing, as of March
1 last, was €8.6m.
At the Commercial Court, Mr Justice Peter Kelly entered judgment for that sum against Mr Woods after there was no appearance by him or on his behalf. The judge said he was satisfied the documents were properly served on Mr Woods and the time for entry of an appearance had passed.
In an affidavit, Mairead McTigue of IRBC's group recovery management unit says the bank had spent a considerable amount of time liaising with Mr Woods, in particular by supporting his efforts to lease units in Sarsfield House to support his loan repayments.