Developer's daughters pursued for €4.5m

THREE DAUGHTERS of the late developer Liam Maye are being pursued by Friends First Finance Ltd for repayment of loans totalling €4.5 million.

The proceedings against Emma, Nicola and Dawn Maye were transferred to the Commercial Court yesterday by Mr Justice Peter Kelly on the application of Hugh O’Keeffe for Friends First.

Mr Justice Kelly said the defendants were described by Friends First as businesswomen and the loans were for the purpose of an equity fund investment which seemed “a curious thing” for a consumer to be doing.

He said he would transfer the case as it involved a business transaction for an equity fund investment but would give the defendants an opportunity to set matters out in affidavits. He listed the summary judgment application for later next month.

The action against Emma Maye, Belarmine Park, Stepaside, Co Dublin, arises from a loan agreement of April 2008 under which Friends First claims it advanced Ms Maye a sum of €1.5 million with annual interest at 7.03 per cent. It claims a refinancing facility was also agreed.

Ms Maye, it is claimed, defaulted on payments due leading to the agreement being terminated last March. Friends First claims €1.54 million is due and owing by Ms Maye.

In its proceedings against Dawn Maye, also Belarmine Park, Stepaside, Friends First claims she owes some €1.55 million under a similar agreement terminated last March over alleged default in repayments.

Nicola Maye, Weaver’s Hall, Plunkett Avenue, Foxrock, Co Dublin, owes some €1.54 million under a similar agreement terminated in similar circumstances, it is claimed.