Business Irish

Wednesday 18 September 2019

Fund wins €3.9m judgment against property investors

Stock image
Stock image

Tim Healy

A fund is entitled to judgment for €3.89m against members of a partnership over default on repayment of borrowings to build apartments in Co Wexford.

Promontoria (Gem) DAC, Haddington Road, Dublin, sued Ciaran Redmond, Lackabeg, Co Carlow, Michael O'Neill, Market Square, Bunclody, Peter Crean, Kildavin, Bunclody, and Clody Norton, Newtownbarry House, Bunclody, all trading as the Norc Partnership.

The action arose out of a €3.89m loan made by Anglo Irish Bank to the partnership in 2005.

The loan was later taken over by Nama and sold on in January 2017 to Promontoria (Gem).

In June last year - with the loan now standing at some €4.5m - Promontoria demanded repayment, but it was not forthcoming. The fund appointed a receiver over the assets and also sought summary judgment against the defendants.

Mr Justice Michael Twomey was satisfied to grant judgment for the principal sum of €3,896,000.

Two members of the partnership to build 16 apartments at Mill Race, Bunclody, Mr Crean, who is a solicitor, and Ms Norton, a businesswoman, contested the summary judgement application.

Mr Justice Twomey rejected the defence including in relation to claims the proceedings were statute barred and of an alleged breach of the code of conduct for lending to SMEs.

Irish Independent

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