BANK OF Ireland has secured judgment of €11.97 million against a Co Wicklow property developer in settlement of its action over unpaid loans.
In its Commercial Court proceedings, the bank sought judgment for some €11.9 million over loans advanced between 2005 and 2007 to allow George Wilkin invest in residential development sites in Bray.
In opposing the bank’s action, Mr Wilkin, Roselawn Green, Boghall Road, Bray, argued the loans were not true on-demand facilities and the bank had called them in prematurely.
After talks between the sides yesterday, Mr Justice Frank Clarke was told an agreement had been reached.
Colm Ó hOisín SC, for the bank, said the court could, on consent of the sides, make an order registering judgment of just over €11.97 million in favour of the bank against Mr Wilkin, with a stay on that order to apply for a nine-month period. Mr Justice Clarke, in making those orders, welcomed the settlement.
Previously, the court heard the bank had demanded repayment of the loans after alleging Mr Wilkin had fallen into arrears of repayments. The bank later brought proceedings seeking summary judgment orders for €11.75 million from the developer, but the case was sent to plenary hearing after the court ruled Mr Wilkin had an arguable defence to the claim.
However, lawyers acting for Mr Wilkin, who was in court yesterday, opposed that application. Last year the sides agreed that the matter should go to plenary hearing on grounds including the nature of the loans.
At the full hearing of the action at the Commercial Court last December, Mr Wilkin collapsed in court and was taken to the Mater hospital by ambulance and the matter was adjourned to yesterday.