by Andrew Carey
BANK of Ireland is seeking to take immediate possession of a home of a Limerick businessman who owes them €1.7 million in loans.
At Limerick Circuit Court this week, counsel for the bank told Judge Tom O’Donnell that the matter was “before the courts for the last two years following the granting of the order for repossession and we wish to proceed with urgency to take possession of the property.”
The court was told that the property was put up as security against a number of loans to fund investment ventures in recent years.
Pat Barriscale, counsel for the Limerick business family, said that they were opposing the application as a number of matters were still before the High Court that were relevant to the repossession proceedings.
“A High Court decision was given in favour of my client’s company with regard to securities over a property, but we are now awaiting one further decision of the court,”Mr Barriscale said.
He added that the matter before the High Court referred to his client’s ability to pay costs and offer security in the action should they not be successful.
The court heard that there was now €1.7 million in outstanding balances and the bank wanted take possession of the North Circular Road property with a view to clearing the debts.
Judge O’Donnell said that while the High Court matter had yet to be finalised, it was “more prudent” to await that outcome before hearing the application in full.
The case was adjourned to February 13.
