Bank seeks order for repayment of €9.4m from property developers

A BANK has asked the Commercial Court for orders requiring two men to repay loans of more than €9 million made to their property development company and themselves.

Sean Murphy, High Street, Ballyragget, Co Kilkenny, and Martin Dunne, Kilcollan, Jenkinstown, Co Kilkenny, represented themselves when the proceedings against them by Bank of Scotland (Ireland) were admitted to the court yesterday.

Bernard Donleavy, for Bank Of Scotland (Ireland), said it was seeking orders for summary judgment against both men for a total of €9.4m.

After being told the men intended to seek legal representation, Mr Justice Peter Kelly made directions for the exchange of legal documents and listed the summary judgment application for hearing on April 23.

The bank says the €9.4m sum due arises from guarantees and indemnities given by the defendants over loans dating back some six years now amounting to some €8.3m made to Balcon Developments Ltd, with registered offices at Canal Side, Athy, Co Kildare.

The remaining €1.1m related to loans made to the defendants themselves.

Bank of Scotland (Ireland) claims Mr Murphy and Mr Dunne are directors of Balcon and had drawn down loans for developments in Co Laois and Co Waterford.