Businessman Jeffrey Stokes, his wife and two sons are being pursued at the Commercial Court for €14.7million summary judgment orders arising from various loans and guarantees.
Dunbar Assets Ireland, formerly Zurich Bank, claims some €14.7million is owed under the Consolidated Stokes Facility, created following a restructuring in 2011 of various facilities advanced from 2007 and from guarantees.
When the case came before Mr Justice Peter Kelly yesterday, Jeffrey Stokes, Mill House, Enniskerry Road, Kiltiernan, Co Dublin, was represented by Hugh O’Flaherty BL.
Simon Stokes was in court and, representing himself, asked for time to get a solicitor. The judge heard that the proceedings had not yet been served on Pia Bang and Christian Stokes who are out of the jurisdiction.
In those circumstances, the judge adjourned Dunbar’s application to have its summary judgment application fast-tracked in the Commercial Court to allow it address service issues and allow Mr O’Flaherty take instructions from his client and Simon Stokes to instruct lawyers.
Dunbar claims some or all of the defendants and, in relation to one facility, Missford Ltd, a company of the defendants, entered into three different loan facilities with Zurich Bank from 2007, initially secured against various properties, including the Unicorn Restaurant in Dublin; “Mazemore”, Torquay Road, Foxrock, Dublin, and the leasehold interest in the Residence Club, St Stephen’s Green.
The facilities included €9.02 million advanced to Jeffrey and Pia Bang Stokes in May 2007 to refinance borrowings with Bank of Scotland Ireland.
That facility was secured over a number of commercial properties and the freehold property of Mazemore, Dunbar said.
A second facility of May 2007 was entered into with all four defendants for some €3.36 million for the purpose of purchasing the Mazemore property as a residential investment, Dunbar claims.
This loan was for commercial purposes in the context of a stated intention of the defendants to rent the property for short-term lettings and subdivide the plot so that, with planning permission, another property could be built, it is claimed.
The third facility was provided to Missford , a company of Simon and Christian Stokes, in connection with the Residence members club operated by them prior to its being placed in receivership, Dunbar claims.
As part of a restructuring process, Dunbar claims it was agreed in March 2011 to advance or continue a facility in a €14.4 million sum, made up of the three facilities as restructured.
