Man agrees to €8.5m judgment

A man has consented to a €8.5m judgment being entered against him at the Commercial Court over loans totalling over €15m issued for investments in Roscommon and the UK.

William Abrahamson, counsel for Danske Bank, said John O’Gara, of Coolavin, Abbey Street, Roscommon, was consenting to judgment being entered against him for €8.5m, and Mr Justice Peter Kelly entered judgment in that sum.

The bank brought its proceedings over nine loan facilities issued between 2004 and 2008 to Mr O’Gara and others, including a €3.4m loan made in Nov 2004 to assist in the purchase of a pub in London.

Another loan for €2.9m was made in 2005 to assist in purchase of a pub in Scotland and a €1.26m loan was provided in Mar 2006 towards acquiring a restaurant in Kent. Other loans were to acquire commercial property in Roscommon and to restructure existing facilities.

The bank issued the proceedings in June. The bank said it had also appointed receivers over assets here and in the UK on which loans were secured.