Fund seeking judgment for €2.6m against developer

A fund is seeking judgment for €2.6m against the developer of two luxury Liffeyside homes in Dublin.

Units 1A and 1B “Swan Lake”, Chapelizod Road, Islandbridge, were developed by David Wright, whose address is 1B. The properties have been valued by a receiver appointed over them at between €1.65m and €2.4m.

The Irish Bank Resolution Corporation said its predecessor, Anglo Irish Bank, loaned Mr Wright €2.25m in 2008 to renew existing facilities to acquire the land and build the two homes. Security was the 0.1acre site of the homes along with another property in Summercove, Rosslare, Co Wexford.

IBRC, which had gone into special liquidation in 2013, sold the loan to Launceston Property Finance, of Haddington Road, Ballsbridge, Dublin. Launceston demanded repayment last January of the full loan, which stood at €2.6m, after Mr Wright failed to meet his repayment obligations.

Yesterday, Mr Justice Brian McGovern admitted Launceston’s case seeking summary judgment against Mr Wright to the Commercial Court despite objections from Mr Wright.

The court heard Mr Wright wanted to get new solicitors to fight his case. His current lawyers said they had only been told of that decision yesterday.

Mr Wright, now representing himself, objected to the case being put into the fast-track commercial list arguing that there was no urgency to it.

Mr Justice McGovern said he was satisfied it was an appropriate case to admit to the commercial list.

Mr Wright had left it rather late in the day to change lawyers but the judge was going to allow him take whatever steps he wished in that regard, he said. He adjourned the case for a month.


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