herald

Wednesday 22 August 2018

Corr agrees to pay back €1.4m in bank dispute

MUSICIAN Jim Corr wrote about enduring a "bankster attack" just days before agreeing to repay a €1.4m bank loan on a land deal that turned sour.

The member of sibling group The Corrs agreed to a bank's application for a judgment order against him over the loan to buy 97 acres of land in Kilkenny which was at the centre of the dispute.

The Commercial Court was told he had consented to the €1.4m summary judgment in favour of ACC Bank over an unpaid loan advanced to him and others in 2004 to buy the non-residential land at Goresbridge.

Mr Corr, who was not in court yesterday, had earlier this week written on his Facebook page: "I thank you for your support over the next few days as I personally endure a bankster attack."

Yesterday, his counsel, Ciaran Lewis, told Mr Justice Kelly that his client would not be seeking to defend the bank's claim and was consenting to summary judgment of €1,442,922, plus costs.

The court case arises from a €1.2m loan advanced to Mr Corr of Sharman House, Old Windmill Road, Crawfordsburn, Co Down, and another man, Liam Marks, The Coach House, Sandymount, Blackrock, Dundalk, in November 2004 to assist in buying the land at Goresbridge.

Earlier this week, ACC also secured summary judgment for €1.4m on consent against Mr Marks arising from the same loan. The bank also said it it intended bringing proceedings against Philip Marks, son of Liam Marks, who was also a party to the letter of loan sanction.

It had heard reports that Mr Marks was living in Hong Kong and would bring the proceedings once it established his whereabouts.





Auction

On Monday, counsel for the bank said there had been unsatisfactory talks in relation to the loan amounts outstanding from the defendants and the bank had in June 2010 demanded payment. It later issued the legal proceedings.

Due to difficulties in getting personal service on Mr Corr of the proceedings, the bank last September obtained leave from the High Court to serve him via ordinary post, and this was effected in October 2010.

Mr Corr and his business are still trying to sell the landholding at the centre of the High Court dispute.

Auctioneer Ed Donohoe, from ERA Donohoe Properties, said last night that the sale of the land was "under negotiation" with a potential buyer.

It comes after the site was withdrawn from auction at €650,000 late last year. It failed to reach its guide price of around €800,000 on that occasion when only 15 people attended.

Mr Donohoe said the site has road frontage and planning permission for 24 sites "so there is great development potential down the road".

He said the land was valued as agricultural land, despite the fact that it has six acres zoned for residential purposes.

The auctioneer was "not surprised" at its failure to immediately reach its guide price at auction as development land is "just not selling" since the property collapse.

hnews@herald.ie

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