Des Byrne Jewellers closes amid Danske Bank debt dispute

This report is a localnews.ie summary based on public court reporting and records; sources are listed below.

Des Byrne Jewellers closed for the final time on 20 November 2015 following a dispute over a Danske Bank loan. Desmond Byrne and his son Kenneth operated the Bachelors Walk business, which had traded for more than 40 years. The proceedings were reported on 20 November 2015.

When the matter came before Master Edmund Honohan of the High Court, Barry Creed, acting for the Byrnes, said the business was closing because of the dispute. Receivers appointed by Danske Bank had sold the property in 2015 after the Byrnes allegedly failed to satisfy a demand to repay approximately €1 million borrowed in 2006 and secured on the property.

The bank said the receivership's net proceeds were €467,491 and sought liberty to enter final judgment for the remaining €489,000. The Byrnes opposed the application as unnecessary and wholly improper, saying they had a good defence.

Des Byrne said the initial loan provided for interest-only repayments for three years, and the bank's relationship manager had assured them that arrangement would continue. The facilities were extended in 2011 and 2012. In September 2013, they were told their relationship manager was changing. They were told the facility would expire in December 2013 and asked to repay it in full. He said they were maintaining agreed payments and were not in arrears at the time, and argued the manager's representations prevented the bank from seeking judgment.

He said they had consented to sell the property to repay the debt, but the bank appointed a receiver in May 2014. He was told in July 2015 that it had sold for €502,000; an expert valuation he commissioned in June 2015 put its worth at €900,000.

The Master listed the matter before a High Court judge for the following January.