| 2.4°C Dublin

€7m victory for Quinn's five children

Five children of Senator Feargal Quinn have secured judgment orders for more than €7.3m against a developer over his failure to repay loans provided as "mezzanine" finance for a development in north Dublin.

The order was made, on consent, against Patrick Doyle, of Brookdale, Kinsealy Lane, Malahide, Dublin.

The proceedings were brought by Donal Quinn, of Bellclare, St Mary's Road, Ballsbridge; Zoe Quinn, of Roxboro House, Howth; Gilliane Quinn, of Deschonen, Wellington Road, Dublin 4; Stephen Quinn, of Ceanchor Road; and Eamonn Quinn, of Balsaggart, Ceanchor Road, both Howth.

They had been sent to the Commercial Court last week and were adjourned until yesterday after Mr Justice Peter Kelly was told the matter was "under settlement".

Interest

The judge was told a settlement had been reached and orders for judgment for some €1.477m each in the case of all five plaintiffs could be entered, on consent, against Mr Doyle.

The case arose from a loan agreement of November 2006 under which the plaintiffs advanced to Mr Doyle a €5m sum, with each giving €1m.

They claimed the agreement provided they would be repaid that sum, plus interest at 15pc per annum, by May 2008.

If those repayments and interest were not made by that date, a 22pc per annum rate of interest would accrue from then up to the date of payment.

It was claimed each plaintiff was due €1.25m in May 2008 on which date Mr Doyle repaid a total of €500,000, which was divided equally between them. It was claimed Mr Doyle later repaid a further sum of €150,000 but a balance of some €1.47m each remained due to each plaintiff.

In an affidavit, Stephen Quinn said the plaintiffs agreed in 2006 to advance the money to Mr Doyle in circumstances where Anglo Irish Bank, which had funded other developments of Mr Doyle, said it was unwilling to provide funds for a development at Parkview, Dublin 11, and suggested he instead obtain "mezzanine" finance.

hnews@herald.ie


Privacy