Galway Bay fm newsroom - A financial fund's application for summary judgment for 13.5 million euro against a Galway-based property owner, has been admitted to the fast track Commercial Court list.
The application for judgment was made by Promontoria Arrow Ltd against Martin Tolan Rosshill, Roscam arising out of an alleged failure to repay loans.
The application arises from monies loaned by Anglo Irish Bank to Martin Tolan and his wife Shelia in 2007.
The loan was to continue existing facilities, fund the purchase of an investment property - a pub and car park in Kilbarry Waterford, to capitalise interest and to fund interest roll up.
The loans were subsequently acquired in 2009 by National Asset Loan Management Ltd which is a company of NAMA.
In 2015 the loans were acquired by Promontoria, which called in the loans.
It claims that Martin Tolan has failed to repay the monies due.
Promontoria claims that settlement negotiations with representatives of Martin Tolan, who owns properties in Galway, Waterford and Dublin were not successful.
The case was admitted to the fast track Commercial Court list by Justice Brian McGovern and has been adjourned for two weeks.
