Bank of Ireland wins £110m court case over property developers
Bank of Ireland has won a legal action against two property developers for alleged debts in excess of £110million.
Anson Logue and William Moffet were each sued over loans connected to their acquisition and running of shopping centres across Ireland.
At the High Court in Belfast today it was announced that both actions have been settled on agreed terms.
Mr Justice Deeny agreed to enter judgment for the bank in the sum of just over £110m against both defendants.
Enforcement of the orders is to be stayed, however, if other confidential terms are met.
The property developers consent to the outcome was confirmed.
No further details of the case were disclosed during the brief hearing.
However, a previous judgment set out their involvement in a partnership which owned six shopping centres and commercial retail parks at Letterkenny, Sligo and Tullamore.
They also traded in another venture which ran retail premises in Monaghan and residential sites in Scotland.
Bank of Ireland sued over borrowings connected to the property developments.
The defendants were set to contest the case by claiming they had been unfairly treated by the bank.
However, the announcement in court marks an end to the case. ends