Cullen consents to €8.2m judgment
Well-known car dealer Bill Cullen has consented to a €8.2m judgment being entered against him in favour of Danske Bank at the Commercial Court over unpaid loans.
On the application of Rossa Fanning for Danske Bank, Ms Justice Mary Finlay Geoghegan entered summary judgment in that amount today against Mr Cullen, Osberstown House, Sallins, Co Kildare.
Counsel for Mr Cullen said he was consenting to judgment and it was anticipated a planned sale of property would reduce the judgment sum. Mr Fanning said a receiver had been appointed over secured properties and Mr Cullen would be entitled to proceeds out of that, but this was "for another day".
The case arose from a €8.1 million loan advanced to Mr Cullen in April 2011 to restructure an existing loan. The April 2011 facility was to be repaid in full by April 2012 via quarterly instalments, but the bank claimed no repayments were made by Mr Cullen since November 2011.
The bank said it tried to work with Mr Cullen since February 2012 to achieve a solution but issued the proceedings last month after it became clear a negotiated restructuring of Mr Cullen's obligations would not be possible.
The bank's application also comes after receivers were appointed by Ulster Bank last month over Mr Cullen’s Glencullen Holdings, which operates car dealerships in Swords and Liffey Valley in Dublin.