The claim that this “magnificent empire” collapsed because of the bank’s refusal to provide additional funds in 2008, a time when most of the Mansfield group loans were in “serious and repeated default”, with more than €200m owed to the bank, was “extraordinary” and unsupported, said Paul Gallagher SC, for the bank.
Mr Mansfield’s case was “utterly fanciful” and among the most “far-fetched” to have come before the Commercial Court, said Cian Ferriter SC, also for the bank.
Counsel were outlining the bank’s case for summary judgment orders against Mr Mansfield arising from his personal guarantees of debts of various companies of his.
Mr Mansfield, represented by Patrick Leonard, contends he has an arguable defence to the claim requiring the court to refuse summary judgment and allow the matter go to a full hearing.
The hearing of the bank’s application concluded yesterday before Mr Justice Peter Kelly, who reserved judgment.
The case relates to loans provided by the bank to HSS, Jeffel and Park Associates Ltd — companies of which Mr Mansfield is a director — for purchase of lands and development of a conference centre, offices, a golf course, residential units and a hotel. The bank appointed a receiver to HSS in July last year.