BANK OF Ireland has secured summary judgment orders for more than €9.5 million against Galway businessman John Sweeney under personal guarantees provided by him over unpaid loans to two of his companies.
At the Commercial Court last week, Mr Justice Peter Kelly had entered judgment for some €7.77 million against Zaralight Ltd, Headford Point, Headford Road, Galway, and for €1.78 million against Black Shore Ltd, of the same address, over their failure to repay loans. The judgment application was not opposed.
Yesterday, the bank sought summary judgment orders against Mr Sweeney in the same sums arising from his personal guarantees over the loans to the two companies.
A solicitor for Mr Sweeney said he was not opposing the application and Mr Justice Kelly entered judgment in the sums sought.
Both companies are wholly-owned subsidiaries of Black Shore Holdings Ltd (BSH), which was wound up by the High Court last month. The case arose from unpaid loans advanced by the bank to both companies on dates in 2007. The loans to Zaralight include loans to purchase retail units in Clifden, Co Galway, and also to provide cash flow to both Zaralight and BSH.
In separate proceedings, Bank of Ireland also secured summary judgment orders for €2.96 million against Pat and Terri McCoy, “Watershed”, Dundela Park, Sandycove, Co Dublin, over a loan granted to them in May 2007 to refinance an existing loan with Ulster Bank related to a holiday home development in Stradbally, Co Waterford.
The bank claimed it was a term of the loan offer the money was to be repaid in full by March 31st, 2009. The bank said it agreed to continue the loan facility after that date but, due to default on repayments, had demanded repayment of all sums in December last. The loans were not repaid, it said.
The application for summary judgment was not opposed.
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