Allied Irish Banks has secured charging orders against the 90 per cent shareholding of a man in his bloodstock company arising from an unpaid €18 million judgment.
Mr Justice Peter Kelly granted the charging orders today against the shareholding of Joseph Joyce, Cahermorris, Corrandulla, Co Galway, in his company, Cahermorris Stables Ltd, described as the vehicle for Mr Joyce’s bloodstock business.
Dermot Cahill, for AIB, sought the orders as part of the bank’s effort to enforce a €18 million summary judgment obtained against Mr Joyce last May.
Mr Justice Kelly noted the court had been told there had been discussions between the bank and Mr Joyce and he had offered to sell bloodstock and pay the proceeds to the bank. However, while some bloodstock were sold, the bank was concerned that more expensive animals were retained and in those circumstances had brought this application.
He made the charging orders sought and made further orders with a view to having a copy of the court’s order placed on the company’s file. The matter was returned to August 11th next.
In May last, Mr Joyce consented to some €21 million in summary judgment orders against himself and his company over unpaid loans advanced for property developments in Galway, property investment in New York and a bloodstock business.
The application arose from loans of some €18 million to Mr Joyce and of some €2.9 million to one of his companies, company, Cahermorris Developments Ltd. Mr Justice Kelly granted judgment in those two amounts to the Bank.
AIB had sought summary judgment for some €2.9 million against the company, with registered offices at Cahermorris, Corrandulla, Co Galway, and for some €18 million against Mr Joyce, of the same address.
AIB claimed the €18 million sum was owed by Mr Joyce arising from loans advanced for the defendants commercial activities in construction/development and in bloodstock while the €2.9 million claim against the company related to various facilities over a six year period.
The loans were advanced to acquire and develop a 12.5 acre site at Headford Road, Galway city and a 17 acre site in Mountbellew, Co Galway. Facilities were also provided for Mr Joyce’s bloodstock business at Corrandulla.