First Active pursues couple for €16.3m over loans

A COUPLE are being pursued by First Active for €16.3 million under personal guarantees provided by them over loans made to a company for property and development purposes.

The proceedings against Eugene and Deirdre O’Neill, Osberstown Lodge, Osberstown, Naas, Co Kildare, were admitted to the Commercial Court yesterday by Ms Justice Mary Finlay Geoghegan on the application of Alistair Rutherdale, for First Active.

Mr Rutherdale also outlined that the business of First Active had been transferred to Ulster Bank Ireland Ltd last month.

Lawyers for the defendants asked for time to take instructions as to possible defences and the matter was adjourned to April 19th.

The case arises from guarantees allegedly provided by the defendants over the liabilities of Apex Estates Ltd, Maynooth Road, Barberstown, Maynooth, Co Kildare, of which they were directors and shareholders.

First Active claims it had in November 2005 offered a loan of €12.6 million to Apex to assist in purchasing Charles Bells (Holdings) Ltd, the principal assets of which were a residential and commercially zoned site at Benburb Street and Kendrick Street, Dublin 7, plus a leasehold interest at a cost of €1.2 million.

Further loans in smaller amounts were provided on dates in 2006 and 2007.

First Active appointed a receiver over the assets of Apex on January 14th last after it failed to repay loans and interest then amounting to €16.2 million.

On January 15th last, First Active sought payment from the defendants arising from their guarantees and brought the legal proceedings when payment was not made. It claims €16.3 million is due and owing.