The fund seeks a judgment of 61 million euros against the real estate company Balmoral and 50 associated companies
A fund is seeking a judgment of more than 61 million euros against the real estate holding company Balmoral and 50 associated companies for loans initially granted in 2007.
Everyday Finance DAC seeks judgment for 33.4 million euros and 26 million pounds sterling (28.3 million euros) against Balmoral International Land Ltd, of Stokes Place, Dublin, and 50 subsidiaries which it claims are are each guaranteed loans.
The loans, totaling around € 300 million, were originally made by AIB before being restructured in 2015. As of December 2019, two of the four credit facilities had been fully repaid, but around € 60 million. euros remained unpaid.
Last January, outstanding loans, totaling € 61.4 million, were sold to Everyday, a loan and credit management fund headquartered in Ballybrit, in the County Galway.
In a proceeding in the commercial court, Everyday said in a statement that there was a dispute between the parties over whether the unpaid amounts were repayable on demand. Every day says so. He says that even though the terms of the two loan facilities did not give the lender the right to demand repayment, the correct interpretation of the facility agreement should be interpreted to mean repayment on demand.
Everyday also argues a number of alternatives, including that the absence of this condition in the loan facility was a mistake; would, if interpreted in any other way, lack commercial or practical consistency or if there is an implicit obligation to reimburse on demand.
On December 2, Everyday demanded reimbursement. He says that was not done and that procedures followed.
In addition to a judgment of 61 million euros against the defendants, Everyday asks for declarations the 2015 facility agreement must be interpreted as meaning that the loans in progress will be repayable on demand.
He also seeks a declaration that certain clauses of the loan contract relating to the repayment terms should be rectified for cause of common or mutual error or failing that for unilateral error.
The case was admitted to the fast-track commercial list on Monday by Judge David Barniville, who approved instructions for its progress until trial and adjourned it until May 2021.