TWO PROPERTY developers did not oppose a bank’s application yesterday for orders for judgment against them for more than €4.3 million arising from unpaid loans.
One man was ordered to repay some €2.89 million, while the other had judgment entered against him for €1.45 million.
The consent to judgment reflects an increasing trend in the responses by defendants to almost daily applications brought before the Commercial Court by banks and financial institutions arising from default on substantial loans.
Yesterday, Mr Justice Peter Kelly granted an application by Rossa Fanning, for Bank of Ireland, for summary judgment in an amount of €2.89 million against Stephen Harris, Chapel Wood, Stradbally, Co Galway, and for €1.45 million against Bernard McKeon, Stradbally, Clarinbridge, plus interest and costs.
The judgment orders related to two separate loans. The first, for some €1.455 million, was granted in 2004 to both men for the financing of a development of 14 two-bed apartments at Ballymote Road, Tubbercurry, Co Sligo.
The second, for €1.44 million, was made to Mr Harris personally in November 2007.
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