BoI sues businessman for €1.8m

A BUSINESSMAN being sued for €1.78 million by a bank ran across the courtyard of the Four Courts when an attempt was made to serve the legal proceedings on him, the Commercial Court was told yesterday.

After receiving that information and being told legal documents were served at the home of Michael Macken and Patricia Watson at Sorrento, Creagh, Belanamulla, Athlone, Co Westmeath, Mr Justice Peter Kelly said he was satisfied service of the proceedings had been effectively carried out on both defendants. Maurice Collins SC, for BoI, said Mr Macken had been involved in court proceedings on Monday of last week and was given a letter on behalf of BoI asking him to make himself available that afternoon for service of the bank’s proceedings.

When Mr Macken left the court, he was followed on behalf of the bank but ran away across the courtyard.

Legal documents had been left at the home of the defendants, counsel added.

Bank of Ireland has brought an action claiming a sum of €1.78 million allegedly owed to it by the defendants mainly from loans given to develop 15 residential units at Tarmonbarry, Co Roscommon, stands “well-charged” against the Tarmonbarry property.

A “well-charging” declaration would allow the bank seek possession of the development and take steps to sell it in a bid to recover its debt.

However, some nine houses developed on the property have been sold to others, including one house to the defendants themselves, the court heard.

The bank claims it was unaware throughout previous High Court proceedings brought by it against the defendants, which culminated in judgment of some €1.3 million being granted against the defendants on July 28th, 2008, that any sales within the development had been completed.

The bank said payments totalling some €1.79 million arising from those sales were made to solicitors for the defendants, Messrs Bruce St John Blake Company, between April 2006 and February 2007.

In its Commercial Court action, the bank claims some €1.78 million is now due to it both under the judgment of July 2008 and other alleged liabilities of the defendants related to loan facilities granted to two limited liability companies, Elaborate Homes Ltd, and Pharma Plaz Ltd, both with registered offices at Main Street, Athlone.