A €8.6 million judgment has been entered against a businessman over his failure to repay loans related to a building let out as an educational centre.
Joseph Woods, Damastown, the Naul, Co Dublin, was given loans totalling around €7.7 million by the former Anglo Irish Bank, now the Irish Bank Resolution Corporation (IBRC), in November 2008 to buy a site at Mill Street, Balbriggan, and develop a property, Sarsfield House, later leased mainly to the Co Dublin VEC.
The bank claims that by September 2010, the loan was in arrears of around €276,000 after Mr Woods failed to make repayments. Despite a number of proposals, Mr Woods had failed to advance viable repayment proposals, the bank claimed. The amount owing as of March 1st last was €8.6 million.
At the Commercial Court yesterday, Mr Justice Peter Kelly granted an application by the bank to enter summary judgment in that €8.6 million sum against Mr Woods.
Mr Woods had not entered an appearance in the case. The judge entered judgment as sought, plus costs.
