Five business people allegedly involved in a partnership which bought Vickery’s Hotel and two other properties in Bantry, Co Cork, are being sued for €8.1 million by Zurich Bank over unpaid loans advanced to buy the properties.
The combined value of the three properties was put at €2.5 million last last year, the bank claims.
The bank has brought proceedings against Richard Coffey, Avoca Park, Blackrock, Co Dublin; Brian O’Hagan, Talbot Lodge, Grove Avenue, Blackrock, Co Dublin; Donal Hunt, Golf Course, Cahir, Bantry; Rory O’Callaghan, Snave, Ballylickey, Bantry, and Viv O’Callaghan, Blackrock Road, Bantry, all trading as Seafield Holdings Partnership.
The case against Mr O’Hagan was transferred to the Commercial Court this week by Mr Justice Peter Kelly but, due to issues related to service of the proceedings on the other defendants, the action against all five was adjourned for two weeks.