Courts / Galway / Report
Fund seeks €8.7m from Galway developer
Summary
An application for a judgment of €8.7 million has been admitted to the fast‑track Commercial Court list. The claim is brought by Seaconview Designated Activity Company against Mr John Lally, who resides at Drimcong House, Moycullen, Co Galway. Seaconview alleges that in 2006 Mr Lally, as a director of Brackville Holdings Limited, entered into an Interest Shortfall Agreement in which he unconditionally and irrevocably guaranteed Brackville's obligation to pay interest on loan facilities. The agreement also required Mr Lally to pay lenders on demand any interest due if Brackville failed to pay. In September 2015 Seaconview acquired the loans, and in 2016 demanded €88.1 million from Brackville. When the demand was not met, a receiver was appointed, the properties were sold, and the proceeds were used to reduce Brackville's liabilities. Seaconview claims that €8.7 million of interest remains unpaid by Mr Lally and has demanded payment.
Who, what, where, when and why
What: Report matter: Fund seeks €8.7m from Galway developer. Procedural stage: hearing_or_decision
When:
- September 2015 Hearing Or Sentence
- 2017-02-27 Publication
Places mentioned
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