ULSTER BANK has secured orders from the Commercial Court entitling it to recover almost €4 million from a Co Kildare businessman under his guarantees of loans to a property company.
A solicitor for Anthony Murray, Killeaney House, Maynooth, told Mr Justice Peter Kelly yesterday his client believed he had a defence to the bank’s claim. However, he did not have the resources to fund that defence and was neither consenting nor objecting to judgment.
Mr Murray did not accept some of the claims made in the bank’s affidavits and was also seeking for the court to make no order for costs, the solicitor added.
Rossa Fanning, for the bank, said the case was previously adjourned because of Mr Murray’s medical difficulties. In circumstances where there was failure to disclose property assets held by Mr Murray and his wife in Portugal, the bank was seeking its costs, counsel said.
An analysis by accountants Grant Thornton of the Murrays’ financial circumstances indicated Mr Murray owned five properties in Portugal and his wife three, counsel said. It seemed properties were transferred to Ms Murray from her husband in August 2010 and the bank was concerned Mr Murray might be dissipating assets to frustrate any judgment obtained by the bank.
In his ruling, Mr Justice Kelly said the claim arose from Mr Murray’s guarantees of loans to a property company, MM Construction Company Ltd, with which he was associated. The bank demanded repayment under the guarantees after MM defaulted on repayment and a receiver was appointed in March 2010.
Mr Murray, through his solicitor, had said he had a potentially good defence to the bank’s claim but could not fund proceedings.
The judge entered judgment against Mr Murray for €3,983,744.
In relation to the costs issue, justice would be met by an order for costs on the lowest scale – €160 – against Mr Murray in favour of the bank, he ruled.
