Friday 24 November 2017

Businessman consents to €19m order against him

Tim Healy

A CO Tipperary businessman has consented to judgment orders of more than €19m being granted against him over unpaid loans and guarantees.

Bank of Ireland sought the orders against Michael Woodlock arising from a July 2011 agreement under which it made nine term loan facilities totalling €15m available following restructuring of his existing facilities with the bank.

It was stipulated that most of those loans would be extended for a period of just three months to September 2011 after which they would be repayable on demand.

Two loans, for sums totalling about €80,000, were extended for a maximum 26 months.

When the loans were not repaid as agreed the bank issued formal demands for repayment after which it initiated the legal proceedings.

The claim also arose from alleged guarantees provided by Mr Woodlock in 2011 covering liabilities of Flancare (Clonmel) Distribution Ltd up to €528,000, plus credit advances to Ellen Woodlock of up to €2.4m.

Judge Peter Kelly agreed to transfer the bank's case to the Commercial Court after being told by Rossa Fanning, for the bank, Mr Woodlock was consenting to transfer and to judgment.

Given Mr Woodlock's attitude, the judge said he would only award costs totalling €195, the lowest amount possible, against him.

Irish Independent

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