Ulster Bank gain €25m judgement against two Sandycove businessmen
ULSTER Bank has obtained judgment orders totalling some €25m against two Dublin businessmen arising from loans for property development
Wesley Curran and Graham O'Donnell, both with separate addresses at Otranto Place, Marine Parade, Sandycove, Dublin, had been adjudicated bankrupt in the UK last June and August respectively, the Commercial Court was told. Neither attended in court yesterday and neither were represented.
Ulster Bank's proceedings arose from facilities provided for purposes including development funding for a development of 50 apartments at Castlepark Road, Dalkey, Co Dublin and towards construction of 54 apartments at Annaville, Windy Arbour, Dundrum, Dublin.
Mr Justice Peter Kelly was told yesterday Ulster Bank had initially sought judgment for some €33m against the two.
While judgment for some €12m of that was granted by Mr Justice John Cooke in June last, he ruled the men were entitled to a full hearing of issues they had raised concerning whether there an agreement to roll over a particular facility. In those circumstances, he adjourned the bank's applications for the additional sums to plenary hearing.
Mr Justice Kelly said the men's solicitor was later "embarrassed" to learn they had been adjudicated bankrupt in the UK and had abandoned their defence of the case. The solicitor was given permission to cease representing them, the judge noted.
Both men were adjudicated bankrupt on foot of petitions of a building firm, QS Construction Ltd, with an address in Westport, Co Mayo, which was retained for construction of their development at Castlepark.
The bank, which said it only became aware of the men's bankruptcy in September last, yesterday sought judgment in the remaining sum less the net proceeds of sale of a property on which some of the debt was secured. That property was sold for about €8.55m and the net proceeds of about €7.5m were put to the credit of the outstanding sum.
Mr Justice Kelly, having found both men were properly served with the proceedings, granted the application by Rossa Fanning BL, for the bank, for the additional judgment orders for some €12.9m against both.
That order brings to some €25m the total judgment sums entered against each.