Nama secures judgment for £9m against Michael Breslin over guarantees

A Nama entity has obtained summary judgment for £9 million against an Irish businessman over his personal guarantee on unpaid loans of some £22 million made to a company.

National Asset Loan Management Ltd (NALM) sought the judgment against Michael Breslin over loans advanced by the former Anglo Irish Bank in 2007 to a company, Car Park Solutions Ltd, with registered offices at Belturbet, Co Cavan.

Mr Breslin and two other people provided personal guarantees over the loans, which were later transferred to Nama.

After some £9 million was not repaid by Mr Breslin, under that guarantee, when NALM demanded repayment in February 2015, Commercial Court proceedings seeking summary judgment followed.

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Mr Breslin is a major investor in the consortium that owns the Mercantile pub group, whose properties include Cafe En Seine and Whelan’s.

Address in New York

The businessman gave an address in New York and claimed he was entitled to a full hearing of NALM’s claim because he had an arguable defence.

He claimed he was expressly assured by an Anglo official at a meeting in October 2008 that, if he executed a guarantee of indemnity in relation to the loan, Anglo would provide finance for a project in Waterloo Road, London.

In March 2012, after IBRC took over the functions of Anglo, he obtained full release from the guarantee arising out of a meeting of legal representatives for both sides, he claimed.

His other grounds for seeking a full hearing included that he wanted to challenge the constitutionality of the law setting up Nama.

Mr Justice Brian McGovern ruled Mr Breslin had failed to raise an arguable defence and NALM was entitled to summary judgment.