Courts / Galway / Report
Fund entitled to €8.7m summary judgement against Galway developer
Summary
The High Court granted a summary judgment of €8.7 million to Seaconview Designated Activity Company against Mr John Lally, a former director of Brackville Holdings Limited. Seaconview claimed that in 2006 Mr Lally had entered into an Interest Shortfall Agreement, guaranteeing Brackville's interest payments on an €82.5 million loan. When the loan was later acquired by Seaconview in 2015, the company demanded €88.1 million from Brackville in 2016; after a receiver was appointed and the assets sold, the net proceeds were used to reduce Brackville's liabilities, but Seaconview alleged that €8.7 million of interest remained unpaid. Mr Lally sought to postpone the judgment to a full hearing, arguing procedural delays and disputing figures in Seaconview's demand letter. The judge found no defence from Mr Lally, rejected his objections, and ruled that Seaconview was entitled to the judgment. The decision was delivered by Mr Justice Max Barrett on 20 July 2017.
Who, what, where, when and why
What: Report matter: Fund entitled to €8.7m summary judgement against Galway developer. Procedural stage: hearing_or_decision
When:
- September 2015 Other
- 2017-07-20 Publication
Places mentioned
- The High Court
- Drimcong House
Topics
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