Bank seeks €1.16m from company directors

A BANK is seeking a court order requiring two directors of a building company to pay €1.16 million due under personal guarantees by the directors for loans to the company.

Bank of Scotland Ireland has brought its proceedings against John Cunningham, of Termon, Virginia, Co Cavan, and Edward Cunningham, Athlumney, Co Meath, over loans issued to Tronmarron Ltd in 2003 and 2004 for the purchase of a site and construction of three houses.

The bank claims the defendants entered into separate guarantees securing the loans to Tronmarron. It says it served demands on foot of those guarantees on both defendants in November 2007 seeking repayment of the loans, with no monies yet paid. The bank claims €1.16m is due and is seeking judgment in that amount.

Mr Justice Peter Kelly admitted the proceedings to the Commercial Court list this week and fixed November 10 as the date for the hearing of the application for summary judgment.


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