Nursing home owner ‘holding up the sale’

KBC Bank says the co-owner of the Brooklodge Nursing Home in Tuam, Co Galway, is holding up the sale of the property over which there is a €2m debt.

Nursing home owner ‘holding up the sale’

KBC and a receiver it appointed over the property are seeking an order from the commercial court for the removal of a legal restraint on the sale, known as a ‘lis pendens’.

The restraint was entered by co-owner Thomas Joyce, Hawthorn Place, Knocknacarra, Galway, and he is refusing to remove it despite being called on by the bank to do so, KBC says.

Briain Fagan, a KBC official, says in an affidavit that Mr Joyce “appears to be content to sit back” and cause prejudice to the bank as well as to two other men who borrowed in 2007 for the nursing home.

The bank appointed David O’Connor as receiver over the nursing home last May and he has found a prospective purchaser who is prepared to pay €2m.

Michael Moran, one of the two other men who originally borrowed along with Mr Joyce in 2007, has an involvement with the prospective purchaser who will fund the transaction by means of an AIB loan, said Mr Fagan.

Mr Fagan says regardless of any issues there might be between Mr Joyce and Mr Moran, they are, along with a third borrower, Brian Doherty, liable for a considerable sum of money.

Mr Justice Brian McGovern said he was prepared to admit the case to the list.

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