Property fund seeks court ruling over investments in Co Cavan

A property fund is seeking summary judgment for €1.1 million against an Irish businessman living in California.

The case arises from loans of some €1 million in 2005 by the former Anglo Irish Bank in 2005 for three investment properties at Riverrun, Belturbet, Co Cavan.

Kenmare Property Finance seeks judgment against John McGuire, with a current address in Camino Al Lago, Atherton, in California. Kenmare acquired the loans in 2014.

Mr Justice Brian Cregan admitted the case to the Commercial Court list on Monday after rejecting objections on behalf of Mr McGuire that Kenmare was guilty of a 12-month delay in bringing the case.

He adjourned it to next Monday after hearing Kenmare was concerned that a property in San Francisco, of which the fund claims Mr McGuire is the beneficial owner, is to be sold that day.

The fund believes the sale of this property would meet his debt and more.

Counsel for Kenmare said his client had good grounds for believing Mr McGuire holds the beneficial interest in the San Francisco property.

Counsel for Mr McGuire said there did not appear to be any grounds for that claim and it was just an assertion by Kenmare.

Mr Justice Cregan said, while there was evidence of some delay by Kenmare, that delay was excusable for reasons including there had been negotiations between the sides.

He directed Mr McGuire to file an affidavit in reply to Kenmare’s case before the case returns next Monday.