Businessmen pursued by Anglo over €1.49m loan
ANGLO Irish Bank is pursuing two businessmen over their alleged failure to repay €1.49m arising from property loans, including one to purchase property in Spain.
The proceedings against Damien Smyth, with an address at Casa Nirvana, Babuloo Beach, Marbella, Spain; and Michael Daly, of Knockmoyle, Tralee, Co Kerry, were admitted to the Commercial Court yesterday by Ms Justice Mary Finlay Geoghegan.
Anglo alleges both men carried on business from Baile Ard, Tralee, and it had offered them a €1.4m loan facility plus interest in August 2008.
That facility was to continue existing loan facilities for a number of purposes, including the purchase and planning costs of 4.5 acres at Mile Height, Tralee, plus an equity release to fund the acquisition and costs of a Spanish property.
The bank claims the loan facility was accepted by the defendants in September 2008 and subsequently drawn down. The bank later, on several dates from July 2009, sought proposals from the defendants as to how the loan was to be repaid.
In November 2009, the bank demanded repayment in full of the loan balance of €1.49m, but the defendants had failed to repay. Anglo claims the €1.49m, inclusive of interest up to October 2009, is due and owing.