Fund seeks €134.5m from Irish developer
A FUND is seeking judgment of more than €134.5m against developer Gerry Maguire and several companies he is a director of over an alleged failure to repay loans.
The application for summary judgments has been brought in two separate actions by Beltany Property Finance DAC, which acquired loans from Nama. They had originally been advanced to Mr Maguire and the companies by Anglo Irish Bank.
The cases were admitted to the fast-track Commercial Court list on Monday.
In its first set of proceedings, Beltany is seeking €128.9m from Mr McGuire and from Parolen Ltd, Parol Hotel Ltd, Parol Ltd, Park Street Hotel Ltd, Parol (Two) Ltd, which are all in receivership, and Tripes Fashion Ltd, and Bellaben Ltd. The loans were advanced for the renewal of existing facilities. On dates between 2007 and 2009, Beltany says, Mr Maguire entered into various guarantees in respect of the loans where he guaranteed payment on written demand for all monies due to the lender by the companies.
After acquiring the loans, Beltany says it sent letters of demand in June 2015 seeking payment but Mr Maguire failed to satisfy those demands.
In a separate application, Beltany is seeking summary judgment for €5.6m against Mr Maguire in relation to three loan agreements he entered into in August and September 2007 and in April 2009 with Anglo.
Those loans, it is claimed, were to allow him renew another loan facility and to fund Mr Maguire’s purchase of shares in Anglo.
Those loans were transferred to Nama before being acquired by Beltany in 2014. Letters of demand seeking repayment were sent to Mr Maguire, which Beltany says were not satisfied. Mr Justice Brian McGovern was satisfied the case met the criteria to be admitted to the fast track Commercial Court list. He adjourned the matter to late March.