€6.3m bank action against financier to go to full hearing

AN action by National Irish Bank for €6.3 million judgment orders against financier Niall McFadden arising from his personal guarantee over loans to a company to acquire the Buy & Sell classified ads business is to go a full hearing, the Commercial Court has ruled.

Mr Justice Peter Kelly said yesterday he would, “with some misgivings”, allow the matter go to a full hearing on oral evidence on the basis that Mr McFadden had made out an arguable defence on grounds related to whether the extension of the bridging loan facility to which his guarantee applied breached the terms of the guarantee.

On that basis, the judge refused the bank’s application for summary judgment for €6.3m against Mr McFadden.