The owners of Belgard Retail Park in Dublin have sued Ulster Bank Ireland over the alleged mis-selling of derivative loan facilities or swaps totalling almost €54 million.
Mr Justice Peter Kelly yesterday agreed to fast-track in the Commercial Court the action by Komady Ltd and Michael O’Reilly, owners of Belgard Retail Park, Belgard Road, Dublin, against Ulster Bank Ireland Ltd.
Agreed timetable
Michael Howard SC, for the plaintiffs, said the bank was consenting to the transfer and the sides had also agreed a timetable for exchange of legal documents. The judge approved that timetable and noted it meant the case would return before the court in May next.
Solicitors for Komady and Mr O’Reilly outlined the case relates to four loan facilities concerning the financing and indebtedness advanced for Belgard Retail Park. The park continues to be successful, they said.
The case relates to two facilities made between Komady and Ulster Bank, one dated June 2005 for €24.5 million and the second dated June 2006 for €2.5 million. It also concerns two facilities made between the bank and Mr O’Reilly, one dated dated September 2005 for €24.4 million and one dated June 2006 for €2.5 million.
