Farm couple face €2.4m summary judgment in fast-track court

A couple are facing a demand for summary judgment for around €2.4 million arising out of loan facilities secured on part of their dairy farm.

ACC Loan Management (ACCLM), formerly ACCBank, is seeking the judgment order against Peter and Tracy Kingston, of Craden Hill, Nohoval, Kinsale, Co Cork. The case was admitted to the fast-track Commercial Court by Mr Justice Brian McGovern.

In an affidavit, Michael Leogue of ACCLM said the main loan of €2 million was advanced in 2007 to restructure the couple's existing borrowings with AIB. Repayments for the first five years were interest-only, he said. In 2008, a further €500,000 was advanced for the construction of farm buildings.

The principal security held by ACCLM was more than 170 acres of the couple’s land. Mr Leogue said a new repayment arrangement was worked out in 2014, but a number of payments were missed.

On January 15th this year, a formal demand for repayment of the full €2.4 million loan was issued and all that was received was a cheque for €1,500, he said.