ACC’s battle to recoup €6m loan ends in High Court

A LENGTHY legal battle between businessman Jerry Beades and ACC Bank has ended at the High Court with orders meaning Mr Beades and his company now face a total liability of €1.5 million out of loans of more than €6m advanced to them by the bank.

Mr Beades was also yesterday given an unusual length of time — 16 months — by Ms Justice Mary Finlay Geoghegan to repay the e1.5m sum because of several factors, particularly the bank’s loss for two years of title deeds of properties owned by Mr Beades which, the judge previously ruled, caused him substantial losses.

The bank had sought repayment within a maximum three-month period while Mr Beades looked for two years, but the judge ruled a 16-month stay would do justice to both sides.