Commercial CourtBank of Scotland has secured judgment orders for €9.6 million against developer Jerry Beades related to loans advanced for a development of 48 apartments in north Dublin.
At the Commercial Court yesterday, Mr Justice Peter Kelly said he was satisfied Mr Beades had received the money, advanced in four facilities by the bank between 2005 and 2008, that he had had the benefit of it and was obliged to repay it.
Mr Beades, Richmond Road and Richmond Avenue, Fairview, Dublin, who is currently working in the Middle East, argued the bank was not entitled to judgment on several grounds. All were rejected. Mr Justice Kelly said it was very clear Mr Beades had no defence to the claim and he entered judgment for the full amount sought – €9,684,987.
When asked in court whether he had received the money, Mr Beades had refused to admit he had, the judge said.
He had not denied executing the agreement and receiving the money.
Mr Beades asked for a stay on the order to consider the judgment but Mr Justice Kelly refused the application.