FRIENDS FIRST Finance has secured summary judgment for €4.5 million against three daughters of deceased property developer Liam Maye over default on payments for loans advanced for equity fund investments.

At the Commercial Court yesterday, Mr Justice Peter Kelly granted summary judgment for about €1.5 million each against Nicola, Emma and Dawn Maye after rejecting their claims of having an arguable defence.

Eileen Barrington, for the defendants, had argued they had a defence on grounds of alleged breach by Friends First of provisions of the Consumer Credit Act 1995. Hugh O’Keeffe, for Friends First, said no defence had been made out justifying the issue being sent to a full plenary hearing.

The court heard Liam Maye, who died in 2008, had months earlier requested that arrangements be made for his daughters by Warren Private Clients, wealth advisers to Mr Maye, to ensure financial provision for their future.

The arrangements were tax-driven and involved the daughters being put into a fund. To finance the investments, loans were secured from Friends First.

The action against Emma Maye, Belarmine Park, Stepaside, Co Dublin, arose from a loan agreement of April 2008 and a later refinancing facility. Ms Maye, it was claimed, defaulted on payments due, leading to the agreement being terminated after which Friends First brought proceedings claiming €1.54 million was due.

Dawn Maye, also Belarmine Park, and Nicola Maye, Weaver’s Hall, Plunkett Avenue, Foxrock, Dublin, were sued for about €1.55 million and €1.54 million respectively under agreements terminated in similar circumstances.