Financial fund seeks €134m judgment against developer

A financial fund is seeking judgment orders for some €134 million against developer Gerry Maguire and several companies of which he is a director.

Beltany Property Finance DAC has brought two separate summary judgment applications after the fund acquired loans from Nama, which were originally advanced by Anglo Irish Bank to Mr Maguire and the companies by Anglo Irish.

Both cases were admitted to the Commercial Court list on Monday by Mr Justice Brian McGovern.

In one case, Beltany seeks judgment for some €128.9 million against Mr Maguire and companies of which he is a director. They are Parolen Ltd, Parol Hotel Ltd, Parol Ltd, Park Street Hotel Ltd and Parol (Two) Ltd, which are all in receivership, as well as Tripes Fashion Ltd and Bellaben Ltd.

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Beltany claims Mr Maguire entered into several loan agreements with Anglo Irish Bank in respect of the companies. The loans were advanced for the renewal of existing facilities.

It is claimed that , on dates between 2007 and 2009, Mr Maguire entered into various guarantees in respect of the loans, in which he guaranteed payment on written demand for all monies due to the lender by the companies.

Beltany sent letters of demand in June 2015 and claims Mr Maguire failed to satisfy those demands.

Summary judgment

In the second case, Beltany wants summary judgment for €5.6 million against Mr Maguire in respect of three loan agreements entered into with Anglo in August and September 2007 and April 2009. It claims those loans were to allow him to renew another loan facility and fund his purchase of shares in Anglo.

Those loans were transferred to Nama before being acquired by Beltany in 2014. It claims that letters of demand seeking repayment were sent to Mr Maguire but were not satisfied.

On Monday, Mr Justice McGovern agreed to fast-track the case in the Commercial Court after rejecting arguments by David Whelan, for Mr Maguire, of delay by Beltany in bringing the action.

Declan McGrath SC, for Beltany, denied there was any culpable delay and said the proceedings involved a number of loans, guarantees and securities.

The judge has returned the proceedings to late March.