Former nightclub owner Robbie Fox today had a judgment for €1.6 million entered against him in the Commercial Court arising from personal guarantees on loans given to two companies he controlled.
ACC Bank brought the proceedings against Mr Fox arising out of a loan of €1.2 million given to a company called Drycreek Ltd in March 2003 and €1 million given to Northshore Properties Ltd in September 2004.
By June last, Drycreek owed €813,000 while Northshore owed €791,000 by August last and the bank demanded payment in full.
ACC claims Mr Fox failed to repay the money and following a number of meetings with him, the most recent of which was on November 3rd last, he did not come up with any proposals to repay and proceedings were issued.
Ray Wheatley, manager of ACC, Charlemont Place, Dublin, said in an affidavit, that despite the fact that he (Wheatley) was willing to negotiate a resolution of the matter, he was at all times mindful of the fact that another creditor had issued proceedings against Mr Fox.
Based on the apparent deterioration of Mr Fox's financial position in recent months, Mr Wheatley said he was concerned that any delay in obtaining judgment might jeopardise any realistic prospect of recovering the money owed.
Mr Justice Peter Kelly was told today Mr Fox was not opposing the bank's application and the judge made the summary judgment order.