Galway Bay fm newsroom - An application by a financial fund for judgement of €8.7m against a county-based developer has been admitted to the fast track Commercial Court list.
The application for summary judgement has been made by Seaconview Designated Activity Company against John Lally of Drimcong House, Moycullen.
The application arises out guarantees the fund claims John Lally made to lenders in 2006 when a company he was a director of, Brackville Holdings Limited, was advanced €82.5m to acquire properties in Dublin.
It's claimed that in 2006 John Lally entered into an agreement, where he unconditionally and irrevocably guaranteed Brackville's obligations to pay interest on the loan facilities.
It's also claimed that as part of that agreement Mr Lally undertook to pay the lenders on demand interest due if Brackville failed to pay the interest when it was due and payable.
In September 2015 the loans were acquired by Seaconview.
In 2016 Seaconview, represented in court by David Whelan, demanded payment of €88.1m from Brackville.
When the demand was not satisfied it appointed a receiver over the assets.
The properties were sold in 2016 and the net proceeds of sale were applied to reduce Brackville's liabilities.
However Seaconview says that €8.7m in interest remains outstanding.
The matter was admitted to the fast track Commercial Court list this week by Justice Brian McGovern.
The matter will return before the court in May.
