Courts / Wicklow / Report
Court upholds €22m judgement against three brothers
Summary
The Court of Appeal upheld a €22 million summary judgment against brothers Brian, Kenneth and Maurice McDonagh, who had failed to repay a €21.8 million loan from Ulster Bank used to buy an 80‑acre site in Kilpedder, Co. Wicklow, for a planned data centre that was never built. The High Court had found the brothers breached a 2014 settlement agreement and that receivers were validly appointed over the land. Ulster Bank alleged the brothers used a front company, Granja Ltd, to sell the land for €1.5 million without the bank's knowledge, thereby writing off the debt. The brothers denied the claims and argued the bank was precluded from claiming debts after a settlement with CBRE, which had been sued for valuation negligence and later paid €5.3 million to the bank's loan account.
Who, what, where, when and why
What: Report matter: Court upholds €22m judgement against three brothers. Procedural stage: appeal
When:
- July 2014 Other
- 2022-04-06 Publication
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