ACC Bank is seeking €17 million judgment orders against a developer and his company over unpaid loans.
The case against Seamus Murphy Properties & Developments Ltd, with registered offices at Hampton Place, Balbriggan, Co Dublin, and its managing director, Seamus Murphy, Bower House, Fancourt, Balbriggan, was transferred to the Commercial Court yesterday by Mr Justice Peter Kelly.
The judge listed the matter to later this week to allow the defendants outline any defence which may be advanced.
ACC claims some €17 million is owed by the company on foot of loans granted to it in 2006. It claims a demand for payment was issued in late April last.
It is alleged Mr Murphy had executed various guarantees and indemnities in 2004 and 2006 on foot of which he is obliged to discharge the liabilities of the company. Demand for payment of €17 million under those guarantees and indemnities was issued on May 5th last.
The Bank claims some of the loans were advanced to assist the company in repaying existing loans with ACC related to a 76-acre site at Tullyallen roundabout, Co Louth and also to provide for interest roll-up.
Another loan was to part finance the purchase of an 80-acre site at Mill Road, Drogheda, Co Louth.