Dunbar Assets Ireland, formerly Zurich Bank, claims €14.7m is owed under the Consolidated Stokes Facility, created following a restructuring in 2011 of various facilities advanced from 2007 and from guarantees.
When the case came before Mr Justice Peter Kelly yesterday, Jeffrey Stokes, Mill House, Enniskerry Road, Kiltiernan, Co Dublin, was represented by Hugh O’Flaherty BL.
Simon Stokes was in court and, representing himself, asked for time to get a solicitor. The judge heard the proceedings had not yet been served on Pia Bang and Christian Stokes who are out of the jurisdiction.
The judge adjourned Dunbar’s application to have its summary judgement application fast-tracked in the Commercial Court to allow it address service issues, and allow Mr O’Flaherty take instructions from his client, and Simon Stokes to instruct lawyers.
Dunbar claims some or all of the defendants and, in relation to one facility, Missford Ltd, a company of the defendants, entered into three different loan facilities from 2007, initially secured against properties, including the Unicorn Restaurant in Dublin; ‘Mazemore’, Torquay Road, Foxrock, Dublin, and the leasehold interest in the Residence Club, St Stephen’s Green, Dublin.
The facilities included €9.02m advanced to Jeffrey and Pia Bang Stokes in May 2007.
A second facility of May 2007 was entered into with all four defendants for €3.36m.
The third facility was provided to Missford Ltd, a company of Simon and Christian Stokes.
It was agreed in March 2011 to advance or continue a facility in a €14.4m sum, made up of the three facilities as restructured.
The new Consolidated Stokes Facility altered the liability in that it provided Christian and Simon Stokes would become borrowers in relation to the May 2007 loan, while Pia Bang Stokes would become a borrower in relation to the liability concerning Missford’s liabilities.
Dunbar claims the consolidated facility was repayable on demand and by December 31, 2011. Additional security was provided via a mortgage and charge over other interests of Jeffrey and Pia Bang Stokes.
There had been protracted engagement between the sides but, while it had appeared there would be a substantial commercial resolution in early 2014, it no longer believed there was any genuine prospect of engagement between the parties, Dunbar said.