Four businessmen consent to summary judgment orders of €63m

FOUR businessmen have consented before the Commercial Court to some €63 million summary judgment orders against them over unpaid loans.

Bank of Ireland had sought the orders against Michael Conway Senior, Maglin House, Carriganarra, Ballincollig, Cork; Michael Conway Junior, Lake View, Faha, Dripsey, Cork; Kieran Conway, Burkes Hill, Tivoli, Cork, and Paudie Dennehy, Seaview, Ballinaskulla, Myrtleville, Cork.

The bank claimed some €24.3m was owed under loans advanced to the defendants, trading together as the Conway Partnership, while another €38.5m was due under guarantees allegedly provided by them over the liabilities of Rumex and Daphne Investments, trading as the Dee Partnership.

It was claimed the Conway facility was provided mainly to refinance previous loans for development of a property at City Square, Watercourse Road, Cork.

The Dee facility was made primarily to refinance previous loans related to construction works on the Cork property.

The proceedings were admitted to the Commercial Court last Monday and adjourned to yesterday to allow the defendants consider issues relating to a possible defence.

Hugh O’Keeffe, for the defendants, had queried whether a receiver appointed by BOI had sold any properties and, if so, whether this could lead to a reduction in the sum sought.

Yesterday, the judge heard the receiver had realised only small amounts and those monies had yet to be received by the bank.

In the circumstances, the defendants were consenting to summary judgment in the sum of €62.9m, the judge heard.

Mr Justice Kelly entered judgment in that amount and, also on consent, he made an order for costs in favour of the bank.