Summonses renewed against Maple Ten duo

Moves may be made against developers Paddy McKillen and Gerry Maguire to recover loans given to them as part of the Maple Ten investors in Anglo Irish Bank, the High Court heard.

The two were among 10 customers of Anglo who were part of a deal in 2008 to slash businessman Seán Quinn’s stake in the troubled bank, which later became Irish Bank Resolution Corporation (IBRC) and was later put into special liquidation by the Government.

Yesterday, Mr Justice Paul Gilligan granted an application on behalf of Kieran Wallace, one of the special liquidators to IBRC, to renew summonses against Mr McKillen and Mr Maguire for proceedings in which the bank can seek judgment against the two men arising out of the loans given to them in 2008 and 2009, as part of the Maple Ten deal.

Michael Collins, for the IBRC liquidator, said the summonses against Mr McKillen and Mr Maguire, had been issued last year and were due to expire shortly.

In the interests of justice and as part of the liquidator’s efforts to recover monies loaned by Anglo, his client was seeking the renewal so steps may be taken against the defendants in the light of information which has come to light as a result of criminal trials involving Anglo executives.

The application was made on an ex parte basis (only IBRC represented). Mr Justice Gilligan said he was satisfied to grant a six-month extension of the summonses in the interests of justice.

He had also regard to the fact, as argued by IBRC, that if the summonses were not renewed the men would have a defence to them as being out of time based on the statute of limitations.

It was open to the defendants to apply to have the renewal order set aside, the court heard.