Anglo sues O'Regan for €37.4m

Anglo Irish Bank is personally suing businessman Hugh O’Regan at the Commercial Court for €37.4 million over personal borrowings and guarantees given over company loans.

Mr Justice Peter Kelly today fixed November 6th next for the hearing of the Anglo’s application for sumary judgment against Mr O’Regan, of Park Avenue, Sandymount, Dublin.

Mr O’Regan’s business interests include the Thomas Read group of pubs which is now in liquidation.

Rossa Fanning, for Anglo, said the claim relates to personal borrowings of Mr O’Regan’s and personal guarantees given by him over the borrowings of two companies - Thomas Read Holdings (TRH) and Clubko Ltd - now in liquidation.

Adnmitting the case to the Commercial Court, Mr Justice Kelly noted much of the claim - more than € 22 million - appeared to concern a company, Clubko Ltd, a wholly owned subsidiary of TRH, and its “alleged philantrophic aims”.

Bernard Dunleavy, for Mr O’Regan, said companies appeared to have changed names and then changed back again and this appeared to have caused some confusion for Anglo.

The judge was told the summary judgment hearing will take a day and will involve legal issues related to the appointment of a receiver.

The claim relates to Mr O’Regan’s personal borrowings under a loan facility advanced by Anglo and his guarantees and indemnities related to the liabilities of TRH and Clubko to Anglo arising under facilities, dating back to 2006.

By December 4th 2007, Anglo claims it had offered loan facilities of some €10.8 million to Mr O’Regan involving some €7.85 million to renew the third facility and €2.95 million to refinance debts from Ulster Bank and Permanent TSB in relation to the Thomas Read and Oak bars and ten apartments overhead.

It claims the facility was fully drawn down on December 18th 2007 and had matured in late November 2008 but Mr O’Regan had failed to repay the sums due. In July 2009, Anglo demanded repayment of €11 million outstanding but this was not repaid. It claims a further €3.7 million is due under facilitates provided to Thomas Read Holdings.

A sum of €22.5 million is also allegedly due under loans provided to Clubko Ltd, of which Mr O’Regan is a director. Anglo appointed a receiver to Clubko in July last and an official liquidator was later appointed.