A Co Dublin businessman is being pursued by a bank for some €7.8 million summary judgment orders over failure by a company to repay loans.
Danske Bank, which took over the business of National Irish Bank, has brought its proceedings against Seamus Coyne, Mabestown, The Ward, Co Dublin, a director of TC Coyne Ltd.
The bank claims it loaned some €8.15 million to the company in April 2008 and also alleges the terms of the loan offer included that the defendant provide a latter of guarantee, among other securities, as security for the loan.
It claims, under a guarantee of April 9th 2008, Mr Coyne had agreed to be liable for the payment, up to a maximum €8 million, of all sums due from the company, plus interest. It claims the company had failed, despite demands, to repay the loans and Mr Coyne is now liable.
The Bank claims the designation of “National Irish Bank Ltd” as the beneficiary of Mr Coyne’s obligations under the guarantee was a “mistake.” It claims Mr Coyne is still liable to Danske Bank for the sums owed by the company but, if necessary, it is also seeking an order for correction of the guarantee to reflect the sides’ alleged intentions.
