ACCBank seeks €7.6m judgment

ACCBank is seeking summary judgment for more than €7.6 million against two businessmen over unpaid commercial loans.

The proceedings against John Wall and Joseph Germaine, Main Street, Baltinglass, Co Wicklow, were admitted to the Commercial Court yesterday by Mr Justice Peter Kelly, who said he wanted to be told on Friday the outline of any defence to the claims.

Counsel for both men said they wished to secure full instructions as to the nature of any defence.

ACC alleges each man is jointly and severally liable to it arising from various facilities advanced to them including a €2.9 million loan in 2005 to purchase the Bayview Hotel and adjoining car park at Courtown, Co Wexford.

It is alleged the defendants defaulted on that loan. The bank demanded immediate repayment last July and claims more than €3.7 million, plus interest, is now due and owing.

It is also alleged both defendants accepted a further one-year loan facility of €1.65 million in June 2006 to buy the Oona Vara Hotel at Courtown and to repay other facilities. More than €2 million was now due under that facility.

A third loan of April 2007 was for €1.28 million to fund additional costs related to the re-development of both hotels and ACC claims more than €1.5 million is now due under that. The bank claims more than €7.6 million is due under the three facilities. The bank appointed a receiver over the secured assets last September after saying discussions between the sides proved unsuccessful.