Friends First pursues €4.6m

Friends First Finance Ltd is seeking summary judgment totalling €4.6 million against the widow of deceased property developer Liam Maye over guarantees she gave on loans to the couple’s three daughters for equity fund investments.

Friends First claims the money is due to it arising out of Anne Maye’s guarantee on Feb 4, 2009, to pay on demand the €4.5m given to her daughters, Emma, Dawn and Nicola, in the event of the loans not being repaid by them.

Last June, Friends First obtained summary judgment in the Commercial Court for the loans against the three daughters.

The court heard then the action against Emma Maye, Belarmine Park, Stepaside, Co Dublin, arose from a loan agreement of April 2008 and a later refinancing facility.

Ms Maye, it was claimed, defaulted on payments due, leading to the agreement being terminated in Mar 2011, after which Friends First brought proceedings claiming €1.54m was due and owing.

Dawn Maye, also Belarmine Park, and Nicola Maye, Weaver’s Hall, Plunkett Ave, Foxrock, Dublin, were sued for €1.55m and €1.54m respectively under similar agreements terminated in similar circumstances.

Friends First says it has failed to recover the judgment monies from the three daughters and on Nov 14, 2011, it called on Anne Maye to discharge the loans in accordance with her guarantee, but she failed, refused or neglected to do so.

Yesterday, Mr Justice Peter Kelly granted an application by Hugh O’Keeffe, counsel for Friends First, to fast track the case against Anne Maye in the Commercial Court.

Eileen Barrington, counsel for Ms Maye, sought and received time to file an affidavit outlining a defence to the application. Issues arose concerning whether provisions of the Consumer Credit Act were complied with, she said.

Mr Justice Kelly allowed two weeks for a replying affidavit to be filed and adjourned the case to March.