Fund sues couple for recovery of €3.34m

A fund is suing a couple for recovery of €3.34 million arising out of loans made to them in 2008 by the former Anglo Irish Bank.

Ennis Property Finance is suing Patrick and Alicia McCabe of Blakestown, Ardee, Co Louth, to whom Anglo granted loans totalling €4.3 million to enable them refinance existing facilities with the bank. The loans were secured primarily on 162 acres of land in Blakestown, Ardee.

The fund’s proceedings against the couple were admitted to the fast-track Commercial Court list despite objections from their lawyer who claimed the fund had delayed bringing the case and that there was no urgency to it.

Receiver

Tom Kavanagh was appointed receiver over the 162 acres last May after, Ennis said, interaction with the couple over the debt was not making sufficient progress. It then brought proceedings seeking summary judgment for the debt, which Ennis said now stands at €3.34 million.

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The receiver has, separately, sought an injunction against the McCabes requiring them remove any livestock from the lands and preventing them, or their agents, from interfering with his efforts to take possession of the property in order to sell it.

Mr Justice Brian McGovern fixed a date in February for hearing of both the summary judgment and receiver’s injunction applications.