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Irish banks get nod to pursue developers for EUR236m debt
July 30, 2010
Four developers can now be pursued for almost a quarter of a billion euro in property debts after they accepted in court that they owe the money.
Despite not being considered major property players in national terms, the four racked up debts of EUR236m from disastrous forays into the property market in Cork.
They had planned to build an enormous office block with apartments using massive loans given to them by Ulster Bank, among others.
Yesterday, they consented at the country's fast-track commercial court to having summary judgment orders for EUR135m entered against them.
There will now be no trial needed to establish whether or not they owe the money, as the consent means they have admitted they are liable for the debts.
Original Posting At: BelfastTelegraph
Despite not being considered major property players in national terms, the four racked up debts of EUR236m from disastrous forays into the property market in Cork.
They had planned to build an enormous office block with apartments using massive loans given to them by Ulster Bank, among others.
Yesterday, they consented at the country's fast-track commercial court to having summary judgment orders for EUR135m entered against them.
There will now be no trial needed to establish whether or not they owe the money, as the consent means they have admitted they are liable for the debts.
Original Posting At: BelfastTelegraph
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