A DUBLIN man is being pursued by a bank for €7.8 million summary judgment orders over failure by a company to repay loans.
Danske Bank, which took over the business of National Irish Bank, has brought its proceedings against Séamus Coyne, The Ward, Co Dublin, a director of TC Coyne Ltd.
The bank claims that it loaned €8.15 million to the company in April 2008. It alleges the terms of the loan offer included that the defendant provide a letter of guarantee, among other securities, as security for the loan.
Danske Bank claims that under a guarantee of April 9th, 2008, Mr Coyne had agreed to be liable for the payment, up to a maximum €8 million, of all sums due from the company, plus interest.
It claims the company had failed, despite demands, to repay the loans and Mr Coyne is now liable.
The bank also claims that the designation of “National Irish Bank Ltd” as the beneficiary of Mr Coyne’s obligations under the April 2008 guarantee was a “mistake”.
It claims Mr Coyne is still liable to Danske Bank for the sums owed by the company but, if necessary, it is also seeking an order for correction of the guarantee to reflect the sides’ alleged intentions.
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