KBC Bank is suing a businessman for almost €21 million over unpaid loans and guarantees mainly related to a shopping centre development in Navan. Mr Justice Peter Kelly transferred the proceedings against Patrick Kerrigan, Cortown, Kells, Co Meath, to the Commercial Court yesterday and listed the bank’s application for €21 million summary judgment orders for hearing on Thursday.
The bank is suing Mr Kerrigan under a loan facility for €1.25 million, accepted in January 2000, and varied by subsequent facilities. It claims some €4.75 million due for repayment by December 2010 under that facility remains due and owing.
It is also suing Mr Kerrigan under his
May 2006 guarantee of debts of Navanco Developments Ltd, with registered offices at Crowe Street, Dundalk, Co Louth.
KBC claims it advanced a loan of €15.8 million to Navanco in May 2006 which was required to be repaid in full by December 2010. It is alleged the company defaulted on that obligation with the result some €16.01 million is due and owing by Mr Kerrigan under his guarantee.
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