O'Gara consents to €8.5m judgment
A man has consented to a €8.5 million judgment being entered against him at the Commercial Court over loans totalling more than €15 million issued for commercial investments in Roscommon and the UK.
William Abrahamson, for Danske Bank, said John O’Gara, Coolavin, Abbey Street, Roscommon, was consenting to judgment being entered against him for €8.5 million. Mr Justice Peter Kelly entered judgment in that sum.
The bank brought its proceedings over nine loan facilities issued between 2004 and 2008 to Mr O’Gara and others, including a €3.4 million loan made in November 2004 to assist in the purchase of a pub in London.
Another loan, for €2.9 million, was made in 2005 to assist in the purchase of a pub in Scotland and a €1.26 million loan was provided in March 2006 towards acquiring a restaurant in Kent.
Other loans were to acquire commercial property in Roscommon and to restructure existing facilities.
The bank issued the proceedings in June 2012 following default on repayment in August 2011 and subsequent unsuccessful negotiations between the sides.
After the proceedings issued, the case was compromised on the basis of Mr O’Gara consenting to judgment in the sum of €8,550,991, plus costs, the court heard this week.