ACC secures €3.89m summary judgement against directors of development firm

ACC Loan Management Ltd has secured summary judgement in the High Court for €3.893 million against three directors of a Mayo-based development company. Ms Justice Marie Baker granted the order against Seamus Dolan, John Waldron and John A Waldron, who are directors and shareholders of DW Developments Ltd, based at Carrowmore Meadows, Knock. The bank had advanced loans to the company in 2007 and 2008, partly to fund construction at a Knock development, which defaulted in 2008. ACC sought judgement on the basis of five separate personal guarantees executed by the three men. The defendants opposed the application, arguing they had defences including claims of a joint venture arrangement and procedural defects in the guarantee documentation. Justice Baker rejected these contentions, finding no credible defence had been established. The judge confirmed each defendant had executed the guarantees. The matter was adjourned to allow submissions on interest payable on the sum awarded.