Debtor pursued over €28.1m had a feeling 'of doom'

A BUSINESSMAN being pursued by investors for some €28.1 million over unpaid property loans has failed to obey orders to provide details of his assets, told his doctor he had a “feeling of impending doom” and was suffering anxiety and stress, the Commercial Court has been told.

A medical certificate provided for Greg Coughlan, Fastnet House, Ardbrack, Kinsale, Co Cork, who is believed to be in Portugal and has had total judgment orders for more than €60 million entered against him, was “unsatisfactory” and lacked specifics about his condition, Mr Justice Peter Kelly said yesterday.

The judge noted the certificate, from Mr Coughlan’s GP, stated he has a cardiac history and had complained to his doctor of “a feeling of impending doom”, chest pains, panic attacks, anxiety and stress. It said Mr Coughlan spent four days in hospital last month, but did not indicate that he underwent any procedures, the judge said.

Mr Coughlan was said to be seeing a psychologist and to be on anti-depressants. It was stated his psychological difficulties necessitated him taking time away.

Eileen Barrington, for the investors, said they were unhappy with the situation. Explanations for his failure to comply with the court’s order last month to discover details of his assets were inadequate and there was no indication when he would comply, she said.

Mr Justice Kelly said it was understandable Mr Coughlan was suffering from anxiety, but there was “total silence” on when he would comply with the order.

The judge said he would make a fresh order to be served on Mr Coughlan via two e-mail addresses and at his home, which would give him two more weeks to comply.

The judge was dealing with issues arising from a €28.1 million judgment secured last January by Loparco SA, a Luxembourg-registered company through which various investors invested some €20 million in four Polish companies to be managed by the Howard Holdings property group.

Loparco secured judgment in that sum against Mr Coughlan and two others – businessman Brendan Murtagh, Dunheeda, Kingscourt, Co Cavan, and Brian Madden, Well Road, Douglas, Co Cork. All three have had total judgments for more than €60 million entered against them as, days before Loparco secured judgment, the EBS got judgment against them for some €33 million. Mr Murtagh was insolvent, the court was told last month.

Loparco had applied for judgment last November after claiming Mr Coughlan failed to adhere to agreements on the Polish investment. Mr Coughlan, Mr Murtagh and Mr Madden all guaranteed the performance by Mr Coughlan of his obligations and judgment for €28.1 million was obtained against all three.

Ms Barrington said yesterday that Mr Murtagh and Mr Madden had complied with the order to provide details of assets, but there was no compliance by Mr Coughlan. Mr Justice Kelly said he would list the matter again on March 26th.