ACC BANK is seeking €2.5 million in summary judgment orders against Jimmy Guerin and his wife over unpaid loans.
Rossa Fanning, for ACC, applied yesterday to have the bank’s action against Mr Guerin, described as a financial adviser and entrepreneur, and his wife Louann, Thormanby Lawns, Howth, Co Dublin, admitted to the Commercial Court.
Maurice Lyons, solicitor for the defendants, told Mr Justice Peter Kelly that his clients were resisting both the bank’s application for transfer to the Commercial Court and were also opposing summary judgment orders.
Mr Lyons said he needed time to put various matters on affidavit but he would be advancing a number of pleas, including that some of the loan facilities were not commercial and that Ms Guerin had acted as a consumer at all material times.
One of the loan facilities, for a sum of about €700,000, was to refinance the couple’s home, he said. He also argued there had been delay by the bank in bringing the proceedings.
Noting other loans were advanced to buy lands at Castlebellingham, Co Louth, and property at Rush, Co Dublin, Mr Justice Kelly adjourned the proceedings for one week to allow the defendants to outline the basis of their defence and of their opposition to transfer.
ACC alleges it made four loan facilities available to the defendants on dates from 2006, including a €700,000 loan to “term out” existing debt owed to the bank.
It claims it obtained security from the couple for that first loan of €700,000, which included an extension of the mortgage and charge, dated March 2005, over their property at Thormanby Lawns.
As a consequence of the borrowers allegedly failing since November 2008 to meet repayments due under that loan, the bank demanded repayment of the loan in full, plus interest, in February last. No repayment had been made, it said.
ACC alleges three other loans were advanced to the couple, including a €260,000 loan offered in April 2007 to finance the acquisition of seven acres in Castlebellingham, Co Louth. It claims that loan has expired and must be repaid.
A third loan, in a total amount of €1.08 million, was advanced to the couple in July 2007 to finance the acquisition of a property, Sion House, and a site at Main Street, Rush, ACC alleges. A fourth loan, for €150,000, was advanced to finance site works and renovations of Sion House and it also expired in January 2009, it is claimed.
