Bank sues solicitors over alleged failure to ensure loan security
The proceedings were transferred to the Commercial Court yesterday by Mr Justice Peter Kelly. The case is against Denis M McDowell, John Paul McDowell and Breen JF Purcells, practising as McDowell Purcell Solicitors, Capel Building, Dublin. In an affidavit, a solicitor for the defendant solicitors said they refuted the allegations against them.
The action arises from a loan of €5.25m advanced by ACC in 2004 to the Abbey Hotel Co-Ownership of 13 borrowers. ACC claims the loan facility provided them with certain tax benefits.
