AIB seeks judgment of €6.6m against couple over default on loans

Facilities advanced to buy or construct properties in Donegal and Louth

Séamus and Philomena Lappin, Corran, Tassagh, Co Armagh, were given a number of loan facilities by AIB between September 2007 and October 2009.

Séamus and Philomena Lappin, Corran, Tassagh, Co Armagh, were given a number of loan facilities by AIB between September 2007 and October 2009.

 

AIB is seeking summary judgment for €6.6 million against a couple over alleged default on loans to buy and build property.

Séamus and Philomena Lappin, Corran, Tassagh, Co Armagh, were given a number of loan facilities by AIB between September 2007 and October 2009.

Lawyers for the couple opposed AIB’s application to have the matter admitted to the Commercial Court list on grounds that there had been a delay in the bank bringing the proceedings.

Mr Justice Brian McGovern said he was satisfied there had been no delay by the bank which, he said, had been in negotiations with the Lappins in efforts to resolve the matter.

He directed the application for summary judgment will be heard in October.

The facilities were advanced for purposes including to buy or construct a number of houses, including two in Tassagh and two in Killybegs, Co Donegal, and to renew an existing €1.83 million loan to assist in purchase and preparation of lands in Ardee and Mullaghdrillen, Co Louth.

Another €800,000 was for the renewal of a loan originally given towards construction of four residential units in Castleblayney, Co Monaghan. Further facilities included €1.1 million to assist in buying an Esso filling station in Ardee and €2 million to pay capital gains taxes and for buying cattle.

AIB claims the Lappins failed to make repayments as under the various agreements and failed to discharge the money owed despite letters of demand.