ACC secures a €6.28m order against developer

ACC Bank has secured a summary judgment order for some €6.28 million against developer Thomas McFeely over non-repayment of a commercial development loan issued four years ago.

Mr Justice Peter Kelly has ruled Mr McFeely, Ailesbury Road, Ballsbridge, Dublin, had no arguable defence to the bank’s claim.

The judge made a similar order against developer Larry O’Mahony, Shrewsbury Road, Ballsbridge, over the same loan, issued in April 2005.

ACC granted the loan to repay a €4m loan to Ulster Bank and to make €1.89m available for further development. The loan was secured on an apartment development in Mulhuddart, among other assets. The bank moved in March to call in the loan after repayment arrears of more than €600,000 accumulated on the loan.

The developers argued the arrears would be tackled through insurance monies due following a fire at the Mulhuddart premises.

Mr Justice Kelly ruled the developers did not advance any arguable defence to the bank’s claim for summary judgment against Mr McFeely. He entered judgment for some €6.28m, plus continuing interest at the Courts Act rate and costs, and refused an application for a stay pending a possible appeal to the Supreme Court.