FRIENDS FIRST Finance Ltd is seeking to recover €4.6 million from the widow of deceased property developer Liam Maye over guarantees given by her over loans made to the couple’s three daughters for equity fund investments.

The financial institution is seeking summary judgment against Anne Maye on foot of her guarantee of February 4th, 2009, to pay the amounts owed by her daughters, Emma, Dawn and Nicola, if they did not repay the loans made. The case comes after Friends First last June obtained summary judgment in the Commercial Court for those loans against the three daughters.

The action against Emma Maye, Belarmine Park, Stepaside, Co Dublin, arose from a loan agreement of April 2008 and a later refinancing facility. Ms Maye, it was claimed, defaulted on payments due, leading to the agreement being terminated in March 2011, after which Friends First brought proceedings claiming €1.54 million was due and owing.

Dawn Maye, also of Belarmine Park, Stepaside, and Nicola Maye, Weaver’s Hall, Plunkett Avenue, Foxrock, Dublin, were sued for about €1.55 million and €1.54 million respectively under similar agreements terminated in similar circumstances.

Friends First says that, after failing to recover judgment from the daughters, it called on Anne Maye on November 14th last to discharge the loans in accordance with her guarantee, but she failed, refused or neglected to do so.

Yesterday, Mr Justice Peter Kelly granted an application by Hugh O’Keeffe SC, for Friends First, to fast-track the case against Anne Maye in the Commercial Court.

Eileen Barrington SC, for Ms Maye, sought and received time to file an affidavit outlining a defence to the application.

Issues arose concerning whether provisions of the Consumer Credit Act were complied with, she said.

The judgment orders obtained against Ms Maye’s daughters had also been appealed to the Supreme Court, Ms Barrington noted.

Mr Justice Kelly allowed two weeks for a replying affidavit to be filed and adjourned the case to March.

Last June, the court heard Liam Maye, who died in May 2008, had just months earlier requested that arrangements be made for his daughters by Warren Private Clients, wealth advisers to Mr Maye, to ensure financial provision for their future.

The arrangements were tax driven and involved the daughters being put into a fund which had been set up for Mr Maye by Warren Private Clients, the court heard.

Under the rules of the fund, the daughters would only pay tax when they exited it. To finance the daughters’ investments into the fund, loans were secured from Friends First.