A Nama company has obtained summary judgment for £9m (€10.35m) against a businessman arising out of his personal guarantee on unpaid loans of some £22m made to a company.
National Asset Loan Management Ltd (NALM) sought the judgment against Michael Breslin over loans advanced by the former Anglo Irish Bank in 2007 to Car Park Solutions Ltd, with registered offices at Belturbet, Co Cavan.
Mr Breslin and two other people provided personal guarantees over the loans that were later transferred to Nama. Some £9m was not repaid by Mr Breslin when NALM demanded repayment in February 2015. Commercial Court proceedings seeking summary judgment followed.
Mr Breslin, who gave an address in New York, claimed he was entitled to a full hearing of the case because he had an arguable defence.
He claimed he was expressly assured by an Anglo official, at a meeting in October 2008, that if he executed a guarantee of indemnity in relation to the loan, Anglo would provide finance for a project in Waterloo Road, London.
In March 2012, he said, after IBRC took over Anglo, he claimed he obtained full release from the guarantee following a meeting of legal representatives for both sides. His other grounds for seeking a full hearing included that he wanted to challenge the constitutionality of the law setting up Nama.
Mr Justice Brian McGovern ruled Mr Breslin had failed to raise an arguable defence. Having regard to "the clear and unambiguous terms" of the guarantee NALM was entitled to summary judgment, he said.