Four property developers have been ordered to answer to the High Court over assets a bank says could be used to fulfill a €3.5million judgment against them.
In 2017, AIB obtained a consensual judgment against Peter Donnelly of Newtown, Ardclough Road, Celbridge, Co Kildare, Paul Kelly of Doon, Boyle, Co Roscommon, Brian O’Sullivan of Kilgolan Upper, Kilcormac, Co Offaly and Kevin Gallagher from Rocky Valley Drive, Kilmacanough, County Wicklow. It was created from a €3.4 million loan in 2006 to purchase 7.5 acres of land in Tullamore, Birr, Co. Offaly.
Part of the site was later sold to supermarket chain Lidl, resulting in a €435,000 debt settlement.
AIB says it received €152,000 from the sale of the remainder of the site, leaving €3.7 million still due including interest.
It says it entered into extensive correspondence with the defendants and their financial advisor to settle the outstanding debt.
However, AIB says it is not satisfied with the information all four have provided.
In relation to Mr Donnelly, it is seeking information on alleged transfers of shares in a company called Bexdale Holdings to his wife, Mary Donnelly. It also wants to know what funds he allegedly received from companies called Vengalt Ltd and Zalika Ltd.
The bank is asking Mr Kelly for information on the sale of six properties in Roscommon and Sligo to a company called Cadizmont Ltd, 95 per cent owned by his wife Mary Kelly.
She is seeking information from Mr O’Sullivan in relation to his transfer to a trust of properties at Dun na Coiribe in Galway and at Lettermullan, also in Galway.
It is seeking information from Mr Gallagher on any interests he may have had in Aquafawn Ltd and Soldinio Ltd and the alleged transfer of his interest to his wife Sandra Gallagher.
Yesterday Paul George Gunning BL for AIB applied to Mr Judge Denis McDonald for an order ordering the cross-examination of the defendants in relation to their assets. The application was represented only unilaterally (ex parte).
The judge granted the order and gave the defendants freedom to petition for exoneration.
https://www.independent.ie/business/irish/court-wants-detail-on-property-assets-in-35m-aib-loan-case-41656238.html Court wants details of real estate assets in €3.5 million AIB loan case