Bank order for €19m against Clonmel businessman

A Co Tipperary businessman has consented to judgment orders of more than €19 million being granted against him over unpaid loans and guarantees.

Bank of Ireland sought the orders against Michael Woodlock arising from a July 2011 agreement under which it made nine term loan facilities totalling €15 million available following restructuring of his existing facilities with the bank.

It was stipulated most of those loans would be extended just for a period of three months to September 2011 after which they would be repayable on demand. Two loans, for sums totalling about €80,000, were extended for a maximum 26 months.

When the loans were not repaid and discussions on alternative repayment proposals failed to lead to agreement, the bank issued formal demands for repayment after which it initiated the legal proceedings.

The claim also arose from alleged guarantees provided by Mr Woodlock in 2011 covering liabilities of Flancare (Clonmel) Distribution Ltd up to €528,000, plus credit advances to Ellen Woodlock up to €2.4 million.

Case transferred
Mr Justice Peter Kelly this week agreed to transfer the bank's case to the Commercial Court after being told by Rossa Fanning, for the bank, Mr Woodlock was consenting to transfer and to judgment.

Counsel for Mr Woodlock, Rathroan, Clonmel, confirmed he was consenting to judgment for €19,517,493 and the judge entered judgment in that amount.