A woman has consented before the Commercial Court to the making of €46.8 million summary judgment orders against her arising mainly from her personal guarantees over loans to a building company.
The summary judgment orders were sought by ACC Bank against Mary Gilmartin, Avena House, Ballisodare, Co Sligo relating to some €37.3 million loans advanced to Avena Developments Ltd and a further €49.58 million in loans to Ms Gilmartin to buy sites and residential investment properties.
Avena is now in receivership.
The case came before Mr Justice Peter Kelly on Monday who adjourned it to today when he was to be told whether Ms Gilmartin had a defence.
Rossa Fanning, for ACC, said today Ms Gilmartin was consenting to the orders being made against her.
Bill Shipsey SC, for Ms Gilmartin, confirmed that was the case and added his client would continue to co-operate with the receiver appointed by ACC over Avena.
In those circumstances, Mr Justice Kelly entered judgment for € 46,891,225 against Ms Gilmartin, who was not in court.
On Monday, Mr Justice Kelly had entered summary judgment for some €37.3 million against Avena, with registered offices at Youngs Road, Ballisodare Town Centre. The claim related to loan facilities provided to Avena in 2003, 2005 and 2007 mainly for developments in Ballisodare.
ACC had demanded repayment on dates from July 2009 and demanded immediate payment of both sums in March last.
In an affidvait, Lorraine Fairley, a manager in ACC’s Special Credit Assets Department, said the bank had been involved since May 2008 in ongoing negotiations with Ms Gilmartin both in her personal capacity and her capacity as secretary and director of Avena.
The bank had afforded both Avena and Ms Gilmartin every opportunity to make the necessary repayments related to the loans, she said.
As it was clear those repayments would not be made, she said the bank appointed William G. O’Riordan as reciver over properties of Ms Gilmartin in October 2009, including sites at Ballisodare; a site at Strandhill, Sligo; residential units at Teeling Street, Old Quay and The Cloisters, Abbey Street, Sligo.
The bank also appointed Mr O’Riordan as receiver over Avena’s property a month later.
Ms Fairley also said Ms Gilmartin’s husband was primarily involved in the management of the Ballisodare development site and the bank had sought information and documents so as to assess the commercial potential of that site.
