ACC seeks €30m order against Friends First Fund and duo

ACC Bank is seeking judgment orders for about €30 million against Friends First Managed Pension Funds Ltd and two businessmen arising from a facility advanced in 2007 to buy property in Clare and to pay off another loan.

The proceedings were transferred to the Commercial Court yesterday by Mr Justice Peter Kelly who noted that, if earlier negotiations between ACC and Sean Lyne and Noel Connellan had led to an agreement, Friends First Managed Pension Funds Ltd (the fund) would be “off the hook”. However, no agreement was reached in those talks.

The case arises from a facility of October 2007 agreed between ACC and the defendants under which the bank was to make available €25.2m to discharge an Allied Irish Banks debt secured on 33 acres at Gaurus, Ennis, Co Clare and to acquire an additional 61 acres at Gaurus.