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A brother and sister are suing a company for repayment of a €2.35 million loan provided to acquire the title to a bank loan obtained by their mother.
Architect John Monahan, Strand Road, Sandymount, Dublin, and Yvette Monahan, a photographer, of Ocean Heights, Top Road, Strandhill, Co Sligo, are seeking judgment in the Commercial Court for some €2.3 million against Tabellero Ltd, Botanic Avenue, Drumcondra, Dublin.
The siblings say that, in June 2015, they entered into an agreement with Tabellero whereby Mr Monahan would provide a loan of €750,000 and his sister would provide €1.6 million.
They claim it was agreed Tabellero would use the money to fund a loan to a company, Griffin Point Ltd, also of Botanic Avenue, Drumcondra, to enable Griffin to finance the acquisition of title to a loan advanced by Bank of Scotland Ireland (BoSI) to their mother, Eileen Monahan, in December 2006. That loan had been provided for a commercial property and was part of a restructuring of Monahan family debts.
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It was agreed, the siblings contend, that Tabellero would repay the loan to them at 5 per cent interest per annum and the loan would be made repayable on demand or on the third anniversary of the making of the loan.
While repayment was demanded in November 2017, that was not forthcoming, the Monahans say.
The case was admitted to the Commercial Court list and adjourned for hearing to next April.
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