Court hears Murtagh is insolvent

BUSINESSMAN Brendan Murtagh is insolvent, the Commercial Court heard yesterday. Mr Murtagh and two other businessmen are being pursued for €28.1 million by investors related to Polish property deals and all three have had total judgments for more than €60m entered against them.

The €60m sum includes a €28.1m judgment secured last month by Loparco, a Luxembourg registered company through which various investors invested some €20m in four Polish companies to be managed by the Howard Holdings property group.

Loparco claimed a €28.1m judgment last November after saying Greg Coughlan had failed to adhere to agreements relating to the investment.