A BUSINESSMAN has consented before the Commercial Court to €23.3 million summary judgment orders being made against him over unpaid loans to buy property and bank investment bonds.
ACCBank had sought the orders against Seán Flanagan, Summerhill, Co Meath, over loans totalling €23.35 million given to him between 2002 and 2009.
Mr Flanagan’s lawyers had on Monday sought an adjournment to take instructions about any possible defence to the bank’s claim.
Yesterday, Esmond Keane SC, for Mr Flanagan, asked for the matter to be put back for a short time as his client was trying to come to some arrangement with the bank.
However, some 20 minutes later, James Doherty, for ACC, said Mr Flanagan had consented to the case being transferred to the Commercial Court and was also consenting to judgment. Mr Keane confirmed that was the case.
Mr Justice Peter Kelly entered judgment for €23,353,543 and, on consent of the sides, also made an order for legal costs of €167.
ACC had brought the case over loans made to Mr Flanagan to purchase residential investment properties for rental purposes, including a €100,000 loan in 2004 to buy a property in Budapest, Hungary and a €15 million loan in 2007 to buy 14.1 acres at Ardmore Road, Marlinstown, Mullingar, Co Westmeath.
In 2009, a further loan facility for a maximum €5.6 million was made available for purposes including restructuring of the existing loans.
The bank also made loans to Mr Flanagan, totalling €750,000, under the Consumer Credit Act 1995 to buy ACC investment bonds.
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