A BANK has secured judgment for €9.4 million against two men after they failed to repay loans made to their property development company and themselves.
Seán Murphy, High Street, Ballyragget, Co Kilkenny, and Martin Dunne, Kilcollan, Jenkinstown, Co Kilkenny, were not in court yesterday and were not represented when the judgment order was granted to Bank of Scotland (Ireland).
The order was sought by Bernard Dunleavy, for BoSI, who said when the proceedings were first entered in the Commercial Court on March 16th, both men had indicated to Mr Justice Peter Kelly they would seek legal representation.
Mr Dunleavy said there had been no correspondence from the defendants since and no replying affidavit had been received on their behalf.
Having heard evidence from a solicitor for BoSI, Ms Justice Mary Finlay Geoghegan said she was satisfied to enter judgment for €9.4 million plus interest from January 28th to yesterday and legal costs.
BoSI said the sum due arose from guarantees and indemnities given by the defendants over loans dating back some six years now amounting to €8.3 million made to Balcon Developments Ltd, registered at Canal Side, Athy, Co Kildare. The remaining €1.1 million due related to loans made to the defendants themselves.
The bank said Mr Murphy and Mr Dunne were Balcon directors and had drawn down loans for developments in Laois and Waterford.
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