Tuesday 20 February 2018

Companies fail to halt Anglo court bid for €10m summary judgment order

Tim Healy

ANGLO Irish Bank has claimed more than €10m summary judgment orders against two companies and a Belfast property developer over loans to buy several units in Dublin's Parnell Centre.

The proceedings were transferred to the Commercial Court yesterday by Mr Justice Peter Kelly who rejected the defendants' opposition to transfer on grounds including the existence of separate proceedings in Belfast touching on some of the issues in dispute in the Anglo case.

The judge said he would allow the defendants an opportunity to outline any defence on affidavit, including claims of some form of misrepresentation by the bank. He adjourned the case to later this month.

The case is against Cambourne Investments, a British Virgin Islands company with a branch registered here at Parnell Centre, Parnell Street, Dublin; Century City Ltd, with registered offices at Sheridan IMAX Theatre, Parnell Street, and Peter Curistan, Hampton Park, Belfast.

Payment

The proceedings arise from a facility of February 2009 under which Anglo claims it agreed to loan a maximum €16.7m sum to Cambourne to purchase units in the Parnell Centre. It is claimed, under that facility, some €10.6m is due and owing and the bank is seeking summary judgment in that amount against the three defendants.

The bank claims Mr Curistan's liability arises under a covenant of March 2009 where he allegedly guaranteed payment under written demand of monies due under the loan facility. It claims a similar deed of covenant was executed by Century City.

Anglo alleges breach of Cambourne's obligations relating to rent and interest payments. In January last, it demanded immediate repayment of the principal and interest.

The bank said Mr Curistan had made several allegations about its conduct concerning the loan facility. These claims, while very serious, were entirely unsubstantiated, it said.

Irish Independent

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