Four Cork businessmen consent to €38m judgment

 

FOUR CORK businessmen have consented to summary judgment for €38.22 million over unpaid loans, bringing to €101 million the amount entered in judgments against them at the Commercial Court in less than a week.

Last Friday, Bank of Ireland obtained summary judgment for €62.9 million on consent against Michael Conway snr, Maglin House, Carriganarra, Ballincollig; Michael Conway jnr, Lake View, Faha, Dripsey; Kieran Conway, Burkes Hill, Tivoli, and Paudie Dennehy, Seaview, Ballinaskulla, Myrtleville.

The same four men consented yesterday to orders sought by Anglo Irish Bank for €38.22 million over four loans relating to an existing loan facility for a site at Grand Parade Plaza, Grand Parade, Cork, and to fund the purchase of additional properties adjacent to the Grand Parade site.

The court heard the defendants had planned to develop the site for offices, retail and residential units, a city library and underground car park.

Summary judgment orders were also granted yesterday in two separate cases involving unpaid loans totalling €7.4 million.

ACCBank secured summary judgment for €4.2 million against Dermot Fahy, St Clernan’s, Craughwell, Loughrea, Co Galway, arising from loans to him and to Tadgh and Helena Fox, Mountain Stage, Glenbeigh, Co Kerry, between September 2003 and May 2007 to buy sites for commercial and residential use.

In the second case, Daniel and Jacinta O’Regan, Riversleigh, McCurtain Street, Fermoy, Co Cork, consented to summary judgment for €2.61 million over unpaid commercial loans for property and other investment.