A financial 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 against the developer and his firms has been brought in two separate actions by Beltany Property Finance DAC, which acquired loans – that had originally been advanced to Mr Maguire and the companies by Anglo Irish bank – from NAMA.
The cases were admitted to the fast track commercial court list today.
In its first set of proceedings Beltany seeks a total of €128.9m from Mr Maguire and companies he is a director of; 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.
Beltany claims Mr Maguire entered into several loan agreements with Anglo Irish Bank in respect of the companies.
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 send letters of demand in June 2015 seeking payment of what it says is due and owing on the loans.
Mr Maguire, it claims had failed to satisfy those demands.
In a separate application Beltany is seeking summary judgment for €5.6m against Mr Maguire in respect of three loan agreements he entered into in August and September 2007 and in April 2009 with Anglo Irish Bank.
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.
The matter was admitted to the fast track commercial court list today by Mr Justice Brian McGovern
David Whelan Bl for Mr Maguire had opposed entry on grounds that there had been a delay in bringing the action.
This was rejected by Declan McGrath SC for Beltany, who said that the action involved quite a number of loans, guarantees, and securities.
The Judge said he was satisfied that the case met the criteria to be admitted to the list.
He adjourned the matter to a date in late March.
