O’Brien and two Monaghan businessmen consent to further judgement in €13.6m loan case

26 November 2010 No Comments by The Northern Standard

Senator Francie O’Brien and two other Monaghan businessmen have consented at the Commercial Court to further judgements against them, of €1.6 million, in relation to a loan that was taken from Ulster Bank for the purchase of development land in Cavan.

It brings to a total of €13.6 million to amount which Ulster Bank has succeeded in having a judgement order given, collectively and individually against Senator O’Brien, of Corwillan, Latton, Castleblayney, Noel Mulligan, Moyles, Castleshane and Charlie McGuinness, Tully House, Monaghan.

The bank had already secured an order for the full €13.6 million from former Irish Nationwide Building Society chief executive Michael Fingleton in relation to the same loan.

Mr Fingleton had accepted the €13.6 million judgement order earlier this month, but Senator O’Brien and the two Monaghan businessmen, while accepting orders for the €12 million initial loan, had disputed the claim by Ulster Bank that another €1.6 million was due in interest payments.

The loan was for the purchase of development lands at Swellan Upper and Lower, Co Cavan, outside Cavan town, now valued at €3.7 million.

A statement of affairs from Mr O’Brien showed a deficit of €12.8 million in liabilities over assets. His assets were said to amount to €430,000, including investment properties in Ballybay, Castleblayney, Galway and Dublin worth €320,000. But his liabilities amounted to €13.3 million, most of which was described as “development property borrowings”.

Ulster Bank said it became concerned about the Swellan loans after receiving a statement of affairs from Mr Fingleton, of Liskillen, Shankill, Co Dublin, which contained no reference to his substantial pension, said to be valued at €27 million.

Comments are closed.