NATIONAL IRISH Bank is seeking a court order requiring a former client of solicitor Thomas Byrne to repay a €1.3 million loan secured on undertakings given by Mr Byrne.
Mr Justice Peter Kelly yesterday admitted to the Commercial Court list the proceedings by NIB against John Madden, Tandy’s Lane, Lucan, Co Dublin, and principal of John Madden Car Sales.
NIB is seeking judgment for €1.33 million which it claims it lent to Mr Madden in late 2005 for future property investment purposes.
It claims security for the loan was to be provided in the form of an undertaking from Mr Byrne to provide a legal mortgage and the deeds of a property at Coldwater Lakes, Saggart, Co Dublin.
However, the agreed security was not provided and there had been a failure by Mr Madden to repay the sums agreed, the bank claims. It says a receiver has been appointed to part of the property of Mr Madden and demand for repayment of the sum due was issued in February and May last. Some €1.3 million is now due and owing, it says.
Counsel for Mr Madden asked for time yesterday to get full instructions on the matter and Mr Justice Kelly adjourned the proceedings for two weeks.