Promontoria seeks €21m judgment against Cavan investor

Promontoria (Aran) Ltd has secured admission of its High Court application for a judgment of €21.45 million against Cathal Brady of Roscalgan, County Cavan, to the fast-track Commercial Court list. The financial fund alleges that Mr Brady acquired multiple loans from Ulster Bank between 2004 and 2007, utilised for property syndicates and investment funds across Europe and Asia, as well as for purchasing land and commercial units in County Cavan. The loans were secured against properties in the county. Promontoria acquired the loans from Ulster Bank in late 2014 and early 2015. The fund alleges Mr Brady failed to meet repayment obligations under the loan facilities and that his response to a demand for outstanding monies plus interest was non-compliance. Following the appointment of receivers over the secured properties, Promontoria contends that Mr Brady has refused to permit possession or sale of the assets. The application was admitted to the fast-track list by Mr Justice Brian Cregan on Monday.