Monday 22 January 2018

Anglo seeks €26m judgment against Murtagh

NATIONALISED Anglo Irish Bank is seeking judgment orders for €26m against insolvent businessman Brendan Murtagh over personal loans, writes Tim Healy.

Mr Murtagh's total liabilities are estimated at around €353m.

A solicitor for Mr Murtagh told High Court judge Mr Justice Peter Kelly yesterday that it would make more sense if Anglo waited until December to claim as the sum due was likely to be increased by €6m from a potential capital gains tax (CGT) liability.

The judge remarked that it was a "first" for a defendant to argue that a bank was understating its claim. Mr Murtagh's solicitors said the bank would not be prejudiced if the matter was adjourned, so as to avoid two separate applications.

Counsel for Anglo accepted that there was a potential €6m CGT liability but argued that the bank's concern was to protect its position.

Anglo is seeking repayment of €23.4m and some £2.1m (€2.5m) in personal loans to Mr Murtagh between 1999 and 2009 for commercial dealings in shares and properties.

Mr Justice Kelly ruled that Anglo would not be prejudiced by giving Mr Murtagh a two-week adjournment to put matters on affidavit relating to the liability in this case.

Irish Independent

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Also in Business