Bank of Ireland entitled to €18m judgment against Waterford businessman, High Court rules

The High Court has ruled Bank of Ireland is entitled to €18 million summary judgment orders against a businessman arising from unpaid loans and guarantees for property investment in Waterford.

Dermot Fitzpatrick, Clashroe, Portlaw, Co Waterford, claimed he had an arguable defence to the Bank of Ireland (BoI) demand for some €18 million arising out of a number of loan facilities advanced between 2003 and 2011 and consolidated in 2012.

Mr Justice Paul McDermott accepted BoI’s argument that Mr Fitzpatrick did not have an arguable defence and granted judgment to the bank. Mr Fitzpatrick said he would appeal the decision.

The loan facilities were for the purchase of various properties by Mr Fitzpatrick including 11.6 acres at Kilbarry along with five investment properties, including 8.75 acres at Gracedieu, 13 acres at Portlaw and 28 acres at Knockaboy.

Mr Fitzpatrick also entered into loan guarantee arrangements in relation to the obligations of two companies, Benzone Ltd and M&D Fitzpatrick Ltd.

Rossa Fanning for BoI said, despite initially engaging with the bank in relation to the debt, Mr Fitzpatrick later claimed he did not owe the money.

Last May, Mr Fitzpatrick made a sworn statement denying all aspects of the bank’s claim and contending the bank breached its own code in selling him mortgages when he was already indebted to the bank.

He also claimed the amount sought was inaccurate and he had made requests, under data protection, for full details of his mortgage accounts. He further claimed the bank’s appointment of a receiver over assets he put up for security was unlawful.

Mr Justice McDermott said, while noting Mr Fitzpatrick had engaged a London barrister to represent him and that barrister had fallen ill and was unable to travel, the court would not again adjourn the matter as it had been adjourned already for him to get representation.

Mr Fitzpatrick told the court he had been told he had a valid defence but was not capable of presenting it to court and needed another adjournment to get a lawyer.

Mr Justice McDermott said the granting of judgment orders was based on well-established legal principles. He ruled Mr Fitzpatrick did not have an arguable defence and the bank was entitled to summary judgment.