Order for €135m against partners

FOUR BUSINESSMEN have had judgment orders totalling more than €236 million entered against them to date in favour of three different banks and arising mainly from unpaid property loans.

The four, with addresses in Co Cork, consented at the Commercial Court this week to summary judgment orders for €135 million each being entered against them in favour of Ulster Bank.

They had previously consented to some €63 million summary judgment orders against them over facilities provided by Bank of Ireland, and also to summary judgment orders for some €38.2 million in favour of Anglo Irish Bank.

The four are Michael Conway snr, Maglin House, Carriganarra, Ballincollig, Co Cork; Michael Conway jnr, Lake View, Faha, Dripsey, Co Cork; Kieran Conway, Burkes Hill, Tivoli, Cork, and Paudie Dennehy, Seaview, Ballinaskulla, Myrtleville, Co Cork.

The €135 million judgment orders were sought by Ulster Bank arising from various guarantees provided by the defendants on dates in 2006, 2007 and 2009 over loans for property developments including purchase of a site at Dennehy’s Cross with planning permission for 143 residential units, and of a 63-acre site at Castletreasure, Douglas, Cork.

Bank of Ireland had previously obtained summary judgment for €62.9 million, also on consent, against the four. That claim arose from loans advanced to the defendants, trading together as the Conway Partnership, and included some €38.5 million claimed under guarantees allegedly provided by them over the liabilities of Rumex Ltd and Daphne Investments Ltd, trading as the Dee Partnership.

The court heard a receiver had been appointed by Bank of Ireland and the sale of some of property had realised only small amounts.