Judgments for €9.5m against Sweeney firms

BANK OF Ireland has secured summary judgment orders for more than €9

BANK OF Ireland has secured summary judgment orders for more than €9.5 million against two companies of Galway businessman John Sweeney over unpaid loans to those companies.

In separate proceedings, the bank is also seeking €11.5 million judgment against property developer George Wilkin, of Roselawn Green, Boghall Road, Bray, Co Wicklow.

At the Commercial Court yesterday, Mr Justice Peter Kelly entered judgment for €7.77 million against Zaralight Ltd, Headford Point, Headford Road, Galway, plus judgment for €1.78 million against Black Shore Limited, of the same address.

Both defendants are wholly owned subsidiaries of Black Shore Holdings Ltd, which was wound up by the High Court earlier this month. The judgment application was not opposed.

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The case arose from unpaid loans advanced by the bank to both companies on dates in 2007.

In its proceedings against Mr Wilkin, the bank is seeking judgment for €11.5 million over loans advanced between 2005 and 2007 to allow Mr Wilkin invest in residential development sites in Bray, Co Wicklow.

The bank demanded repayment of the loans last December after alleging Mr Wilkin had fallen into arrears of repayments.

Michael Cush SC, for Mr Wilkin, said the defence was to the effect the loans were not true “on demand” facilities and the bank was not entitled at this stage to call them in.

Mr Justice Kelly admitted the action to the Commercial Court and listed the judgment application for March 24th next.