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Fund secures €7m judgement against 'experienced Irish businessman'

Summary

In a High Court decision on 22 March 2022, Mr Justice Charles Meenan granted a judgement of just over €7 million to the financial fund Promontoria (Arrow Limited) against Thomas Dowling, who now lives in the UK. Promontoria claimed that Dowling's liability stemmed from a failure by Danum Development Limited to repay a €4.69 million loan taken in 2006 to buy 8.5 acres of land at the Whitehall Estate, Daingean Road, Tullamore, where 55 houses were planned. The loan was originally borrowed from Anglo Irish Bank, transferred to NAMA after Anglo's collapse, and later acquired by Promontoria in 2015. Dowling and three other parties had given personal guarantees for the borrowing. Promontoria demanded repayment in April 2016, which Danum did not pay, and in 2018 demanded repayment from Dowling and the other guarantors. Dowling, described as an experienced Irish businessman, failed to repay the amount now due, which Promontoria says is approximately €7 million.

Who, what, where, when and why

What: Report matter: Fund secures €7m judgement against 'experienced Irish businessman'. Procedural stage: hearing_or_decision

When:

• 2022-03-22 Publication

Places mentioned

Topics

Stage Hearing Or Decision

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Read the original CNI report