A director of several Tuskar property companies, now in liquidation, has been ordered by the Commercial Court to repay loans of some €2.83 million to Bank of Ireland.
Mr Justice Peter Kelly granted judgment in that sum today to the bank against Alan Hynes and his wife Noreen, of Westwinds, Crosstown, Co Wexford.
Neither Mr nor Mrs Hynes appeared in court nor were they legally represented. Rossa Fanning, for the bank, said the defendants had been served with the proceedings and his side had received an email from Mr Hynes on January 21st last which “did not really speak to the issues” raised in the case.
Mr Justice Kelly said he was satisfied the defendants had been served with the proceedings and the bank was entitled to judgment for the sum sought - €2,838,796, plus costs.
The bank said it had sought judgment for monies due on foot of a term loan facility sanctioned in late November 2005 to re-finance a development loan which the defendants previously held with Bank of Scotland Ireland. The terms of the loan involved monthly repayments of some €15,631.
The bank said the payment schedule was subject to some “occasional slippage” but repayments were kept braodly in line until March 31st last. After the defendants had failed to make repayments for the last three quarters, the bank sought repayment of the full amount last month. Some small amounts had since been paid but the amount outstanding was some €2.83 million.
Earlier, Mr Fanning told the court Mr Hynes had previously been involved in separate court proceedings relating to the Tuskar property companies. All but one of those companies have been wound up on grounds of insolvency and the group liabilities amount to some €50 million.
Kevin Hughes, who is liquidator of five of the six companies in the group,which has offices at John’s Gate, Wexford, has said he would continue his investigation into serious allegations made about the conduct of some of the group’s directors.
One of the group companies, Tuskar Commercial Investment Property Services Ltd (TCIPS), remains under court protection pending a hearing to consider proposals for its survival.
Bank of Scotland Ireland is owed some€24.8 million by one of the Tuskar companies, Tuskar Residential Investment Properties Ltd, for loans related to a development site in Dun Laoghaire, now valued at €8 million. BOSI holds personal guarantees for several million from 56 Tusakar shareholders who could be called on to honour those guarantees.
