Ulster Bank secures €3.5m judgment against developer Jerry Beades
Developer says he intends to appeal the ruling to the Supreme Court
Developer Jerry Beades.
Mr Justice Brian McGovern dismissed arguments by Mr Beades yesterday in the Commercial Court opposing the bank’s claim and ruled it was entitled to summary judgment for the full amount sought.
Mr Beades said he intends to appeal the ruling to the Supreme Court.
The bank issued its demand for payment arising from what it said was a May 2010 restructuring of various facilities advanced. The bank had obtained charges over various properties as security for the loan.
After alleging default by Mr Beades, the bank made a formal demand for repayment last March which was not satisfied.
In arguing he had a bona fide defence to the claim, Mr Beades said the loans at issue go back to 1999. The restructuring of 2010 was a continuance of restructuring of loans going back 14 years, he said.
He claimed he had been forced to refinance loans obtained in the 1990s because €1.3 million had been taken out of an account with the assistance of a bank manager as a result of “theft”. He said he intended to bring a claim against the bank arising out of this alleged wrong.
Mr Justice McGovern ruled Mr Beades had not made out any arguable defence to merit a full hearing.