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23/06/2009
Nationwide Sues Developer For €60M
One of Ireland's biggest property developers is being sued by a major building society over unpaid loans.
Developer Liam Carroll is being personally sued for €60m by Irish Nationwide Building Society over guarantees on loans made to his company Aifca Ltd.
The proceedings began in the Commercial Court on Tuesday in Upper Mount Street, Dublin. Irish Nationwide are expected to claim Mr Carroll gave a personal 'irrevocable guarantee' in September 2006 assuring payment of the liabilities of his company Aifca, up to €60m.
The court was told Mr Carroll was contesting the claim. The developers defence said his guarantee had been replaced with a new arrangement that meant he had only guaranteed €30 million.
The court action is the first move on such a scale by a financial institution covered by the State deposit guarantee scheme against a major property developer.
Legal, property and construction industry experts fear the case against Carroll could trigger a domino effect of similar lawsuits against builders, which would in turn lead to the closing down and bankruptcy of some major developers.
(DW/BMcC)
Developer Liam Carroll is being personally sued for €60m by Irish Nationwide Building Society over guarantees on loans made to his company Aifca Ltd.
The proceedings began in the Commercial Court on Tuesday in Upper Mount Street, Dublin. Irish Nationwide are expected to claim Mr Carroll gave a personal 'irrevocable guarantee' in September 2006 assuring payment of the liabilities of his company Aifca, up to €60m.
The court was told Mr Carroll was contesting the claim. The developers defence said his guarantee had been replaced with a new arrangement that meant he had only guaranteed €30 million.
The court action is the first move on such a scale by a financial institution covered by the State deposit guarantee scheme against a major property developer.
Legal, property and construction industry experts fear the case against Carroll could trigger a domino effect of similar lawsuits against builders, which would in turn lead to the closing down and bankruptcy of some major developers.
(DW/BMcC)
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