Two members of the O’Dwyer pub group have consented to €8 million summary judgment orders against them over guarantees provided on a €25 million term loan for pub refurbishments and corporate purposes several years ago.
The judgments were entered at the Commercial Court today by Mr Justice Peter Kelly.
Liam and Desmond O’Dwyer had provided guarantees for the loan from AIB to the Marino Group, which operated a number of Dublin pubs under different companies which went into receivership last year.
Liam, of Northumberland Road, and Desmond, of Simmonscourt Road, both Ballsbridge, Dublin, provided security for up to €8 million of the €25m term loan in 2003 and in 2006.
Following the winding up of the Marino companies, AIB demanded repayment of the term loan which stood at €23.2m in November last year. After it was not repaid, the bank demanded payment under the guarantees of the O’Dwyers and brought the proceedings after failure to repay under the guarantees.