KBC Bank secures judgment
A BUSINESSMAN has no arguable defence to a bank's claim for €6.2m summary judgment orders being granted against him over loans secured on a business park, a High Court judge has ruled.
Mr Justice Max Barrett said he was mindful of the time and energy James Osborne, Fort Road, Gorey, devoted over decades to Gorey Business Park in Wexford which employs 400 people.
He was also mindful, "most of all", that the cost of legal representation meant Mr Osborne had to argue his case in person.
It was a "lamentable" but "inexorable" consequence, based on the facts and law, KBC Bank was entitled to summary judgment against Mr Osborne as sought, the judge held.
KBC appeared, in its dealings with Mr Osborne, to have acted within the spirit of forbearance and reasonableness that informs the Central Bank's Comsumer Protection Code, he said.
Mr Osborne had defence under the Consumer Credit Act as these were clearly commercial loans, he ruled.