Century Homes founder entitled to full hearing on liability for Anglo loan

Century Homes founder Gerard McCaughey is entitled to a full hearing of his claim that he is not yet liable to repay a loan advanced to him by Anglo Irish Bank for an investment fund related to two New York hotels, the Supreme Court has ruled.

Mr McCaughey had advanced no arguable defence to the claim by Irish Bank Resolution Corporation (IBRC), formerly Anglo, he is liable for loans advanced in connection with the Woolgate Exchange Geared Property Fund, the three-judge court held.

The court delivered its reserved judgment yesterday on Mr McCaughey’s appeal against a High Court decision IBRC was entitled to summary judgment concerning the Woolgate and Peninsula Real Estate ILP Fund. The issue of what orders should be made was adjourned.