Developer consents to judgment orders

A CO Galway businessman has consented to some €21 million in summary judgment orders against himself and his company over unpaid loans advanced for property developments in Galway, property investment in New York and a bloodstock business.

Gary McCarthy, for Joseph Joyce of Cahermorris, Corrandulla, Co Galway, told Mr Justice Peter Kelly at the Commercial Court yesterday his client accepted he had got some €18 million from AIB and that should be repaid and was consenting to summary judgment in that sum.

Mr Joyce did not accept certain criticisms made of him by the bank, counsel added.

Mr McCarthy said it was also accepted the bank had advanced some €2.9 million to Mr Joyce’s company, Cahermorris Developments Ltd, of the same address, and there was consent to summary judgment in that sum also.

Mr Justice Kelly granted judgment in those two amounts to the bank and noted that in the circumstances of the case, particularly admitted defects in the bank’s legal documents, it was right that the bank was not seeking additional interest or costs against the defendants.

The judge stressed the need for litigants, especially banks seeking large judgments, to have their legal documents in order.

The case had been adjourned because letters of sanction related to the loans were not included and the bank had now corrected that and apologised to the court and the defendants, he said. He also noted the defendants accepted the bank was entitled to summary judgment and were not seeking to rely on a technical defence.