Bank seeks €1m from directors

magoko101 · October 23, 2008, 7:56am

23 October 2008

By Vivion Kilfeather
A BANK is seeking a court order requiring two directors of a building company to pay €1.16 million due under personal guarantees by the directors for loans made to the company.
Bank of Scotland Ireland Ltd has brought its proceedings against John Cunningham, of Termon, Virginia, Co Cavan, and Edward Cunningham, of Athlumney, Co Meath, over loans issued to Tronmarron Ltd in 2003 and 2004 for the purchase of a site and the construction of three houses. The bank claims the defendants entered into separate guarantees securing the loans to Tronmarron. It says it served demands on foot of those guarantees on both defendants in November 2007 seeking repayment of the loans but no monies have been paid.

Mr Justice Peter Kelly admitted the proceedings to the Commercial Court list this week and fixed November 10 as the date for the hearing of the application for summary judgment.

irishexaminer.com/text/story.asp?j=gbkfojmhidcwauoj&p=6y539xzx&n=61539091

whizzbang · October 23, 2008, 8:19am

It probably just as well they they have no assets or money to speak of. I’d bet their wives are doing rather well though…

2Pack · October 23, 2008, 8:34am

I’m sure that the bank will take a pristine Ghost Estate as collateral

There seems to be a solicitors undertaking in the mix somewhere

Tronmarron Ltd got a mention on the pin before

viewtopic.php?p=111311