Pair agree to judgment orders of €27m

A businessman has agreed to orders requiring him to repay Bank of Ireland €16m over unpaid loans issued for property development and other purposes.

Judgment for €11m was also entered on consent against a second businessman arising from his guarantees over the same loans.

Bank of Ireland had sought summary judgment orders against Sean Walsh, Main St, Midleton, Co Cork and Paudie Murphy, of Whitebay, Trabolgan, Co Cork, arising from loan facility letters of Mar 2010 and guarantees.

The loans were made to restructure existing facilities, provide working capital and to carry out refurbishment works.

Yesterday, Stephen Dowling, for the bank, indicated there would be consent to judgment as sought.

Rossa Fanning, for the defendants, said that Mr Walsh had indicated last month he would consent to judgment for the €16,054,774 sought while Mr Murphy was also consenting to judgment for the €11,443,997 amount sought against him.

Mr Justice Peter Kelly entered judgment in those amounts plus, given the consents, costs of €220 to the bank.