PROPERTY DEVELOPER Paddy Kelly has consented to a court order for judgment for €6.1 million against him over failure to repay development and other loans advanced by ACCBank.
Mr Justice Peter Kelly was told yesterday that Mr Kelly, Clonmore, Shrewsbury Road, Dublin, was not advancing any defence to the bank’s application for judgment in that amount.
The €6.1 million judgment, which includes interest to date, will continue to attract Courts Act interest until it is paid.
While the making of the order concludes those particular legal proceedings against Mr Kelly, he and members of his family face other proceedings by the bank for more than €16.9 million which will come before the court next week.
After the judgment order was made yesterday, Damien Keaney, for Mr Kelly, said his client would be seeking deeds of the properties involved from the bank so as to minimise his losses.
Counsel added Mr Kelly was anxious to assure the court he had made no attempt to evade service of the legal proceedings, intended no discourtesy to the court and was not engaged in “brinkmanship”.
Mr Kelly had been in Florida on business when the matter was before the court earlier this week as he had substantial business interests there, but his son had been in court and the entire family took the legal proceedings very seriously, counsel added.
Mr Justice Kelly said his remarks about “brinkmanship” related to delays by Mr Kelly in giving instructions to his lawyers and the late entry of an appearance in the case.
Mr Keaney said Mr Kelly had dealt with other cases with candour and his delays were often due to his endeavouring to resolve matters.
The judge said efforts to resolve cases could continue where appearances were lodged.
The judge had adjourned the proceedings to yesterday, having refused to adjourn them for a week, to establish if Mr Kelly was offering any statable defence.
When the case was mentioned yesterday morning, Brian Kennedy SC, for ACC, said no defence was being advanced and Mr Kelly was consenting the judgment.
The €6.1 million judgment arises from several loans advanced by ACC, including a €4.87 million loan of March 2005 relating to construction of 62 aparthotel units at the Clarion Hotel, Liffey Valley, Co Dublin.
Other loans include €536,000 in October 2003 to buy two properties in Tulfarris Village, Co Wicklow, and two dual-life memberships to Tulfarris Golf Club; a July 2004 €600,000 loan for equity release on the Tulfarris properties; and loans of €1 million in 2003 and 2004 to invest in ACC’s SolidWorld investment bonds.
ACC also wants repayment of some €432,000 under guarantees provided by Mr Kelly and others over the debts of Fablinbe Ltd, Lad Lane, Dublin.
In the second action involving Mr Kelly, listed for this day week, May 28th, ACC wants orders for judgment for some €16 million each against Mr Kelly and his sons Simon and Christopher and daughter Emma.
The bulk of that claim arises from guarantees allegedly given by the Kelly defendants over loans in late 2007 to Pressaro Ltd, with registered offices at Lower Baggot Street, Dublin, to buy a property at Pembroke Place, Ballsbridge.
ACCBank appointed a receiver over the assets of Pressaro last month.
