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Article: Limerick developer agrees to [euro]9.2m order against him
- Article from:
- The Irish Times
- Article date:
- October 13, 2009
CopyrightCopyright 2009 The Irish Times. Provided by ProQuest LLC. (Hide copyright information)
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A CO Limerick man has agreed to a summary judgment order for
[euro]9.2 million being made against him over his failure to repay a
development loan.
Mr Justice Peter Kelly noted yesterday that Michael McManus,
Roxboro, Ballysheedy, Co Limerick, had stated he had no answer to
the claim and, in those circumstances, had sensibly not sought to
defend it, which would involve running up additional costs.
The judge granted judgment in the sum of [euro]9,203,255 to KBC
Bank Ireland plc, formerly IIB Bank, against Mr McManus.
The action arose from a [euro]8 million loan granted by KBC to Mr
McManus in August 2005 to refinance existing borrowings provided by
Bank of Scotland Ireland related to 57 acres ...