ACC Bank has begun legal action to recover a debt of just over €1m from businessman and restauranteur Jay Bourke. The debt relates to a loan for a building known as The Skylab Building on Exchange Street in Dublin 2.
ACC is also pursuing one of Mr Bourke's business partners, Eoin Foyle, for the same amount of €1.084m.
The property was valued at €6m at the top of the property market but the Commercial Court heard that it has devalued very considerably.
In a sworn document, Mr Bourke said he got into difficulties with his loan in April 2009 after a liquidator was appointed to O'Hagan Contract Interiors Limited - a substantial tenant in the property.
Mr Bourke is claiming contributory negligence on behalf of the bank because he says it did not consider an offer by another of his business partners in August 2009 to take over all the debts relating to the Skylab Building.
Mr Justice Peter Kelly said he had considerable doubts about this line of defence as it seemed to be a 'novel' proposition. But he said he would allow Mr Bourke to swear documents to this effect and set March 10 as the date for the bank's application to recover the money to be heard.
