Anglo Irish Bank is pursuing two businessmen over their alleged failure to repay €1.49 million arising from property loans, including a loan to purchase property in Spain.
Proceedings against Damien Smyth, Casa Nirvana, Babuloo Beach, Marbella, Spain, and Michael Daly, Knockmoyle, Tralee, Co Kerry, were admitted to the Commercial Court yesterday by Ms Justice Mary Finlay Geoghegan.
Anglo alleges both men carried on business from Baile Árd, Tralee, and it had offered them a €1.4 million loan facility in August 2008.
That facility was to continue existing loan facilities for a number of purposes, including purchase and planning costs of 4.5 acres at Mileheight, Tralee, plus an equity release to fund the acquisition and associated costs of a Spanish property, the bank said.
Anglo claims the facility was accepted in September 2008 and drawn down.
The bank later, on several dates from late July 2009, sought proposals from the defendants as to how the loan was to be repaid. In November 2009, the bank demanded repayment of the balance of some €1.49 million, but the defendants had failed to repay.