Business Irish

Saturday 21 July 2018

Siblings sue firm for €2m linked to mother's property loan

Stock image
Stock image

Tim Healy

A brother and sister are suing a company for repayment of a €2.35m loan provided to acquire another loan their mother received from a bank.

Architect John Monahan, of Strand Road, Sandymount, Dublin and Yvette Monahan, a photographer, of Ocean Heights, Top Road, Strandhill, Co Sligo, are seeking judgment in the Commercial Court for some €2.3m against Tabellero Ltd, Botanic Avenue, Drumcondra, Dublin. The siblings say that, in June 2015, they entered into an agreement with Tabellero whereby John would provide a loan of €750,000 and Yvette would provide €1.6m.

It was agreed, they say, that Tabellero would use the money to fund a loan to a company called Griffin Point Ltd to enable that firm (Griffin) to finance the acquisition of title to a loan advanced by of Bank of Scotland Ireland (BoSI) to their mother, Eileen Monahan, in 2006.

The mother's loan had been provided for a commercial property and was part of a restructuring of Monahan family debts.

It was agreed, they say, that Tabellero would repay the loan with interest of 5pc year, and was repayable on demand or on the third anniversary of the making of the loan. Repayment was demanded in November, 2017, but it was not forthcoming, the Monahans say.

The case was admitted to the commercial list and adjourned for hearing to next April.

Irish Independent

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