Builder pursued for €7.5m over development loans

Jersey-based builder David Kennedy is being pursued at the Commercial Court for a further €7.5m by Bank of Scotland over guarantees of loans to building companies.

The bank’s summary judgment proceedings are to be fast-tracked by the court in tandem with separate proceedings in which it is claiming another €8m in judgment orders against Mr Kennedy arising from his alleged limited guarantee of a €260m loan.

The €8m proceedings were transferred to the court last week and the latest proceedings — for €7.5m — were transferred yesterday on the application of Kelley Smith, for Bank of Scotland.