A property developer has consented to an order for judgment for some €4.39 million against him over unpaid loans granted by the Educational Building Society.
The EBS secured the judgment order from Mr Justice Peter Kelly at the Commercial Court yesterday (Wednesday ) against Denis O'Connell, Corbally Road, Cummer, Tuam, Co Galway.
In the same proceedings, Patrick Leonard BL, for the society, also secured an order for judgment, on consent, for an additional €1.55 million against Brendan and Susan Quirke, also of Cummer, Tuam.
The proceedings arose from failure to repay various loans made by the EBS to the defendants in 2007 and 2008.
The bulk of the loans were advanced to Mr O'Connell for residential and development purposes and to refinance existing loans.
The EBS demanded repayment from all three defendants in October 2009 and when payment was not received, it brought the legal action.
The defendants previously asked for mediation in the matter but Mr Leonard told the judge yesterday the case had settled on the basis of consent to judgment.