The Court of Appeal has upheld a High Court decision granting summary judgement of €22m against three brothers over their failure to repay loans advanced to allow them buy lands earmarked for a data centre.
Planning permission was obtained for a data centre on the land, but the proposed centre was never built.The court also found that the brothers had breached a 2014 agreement to deal with their debt, and that the receivers were validly appointed over the lands. They failed to do so but instead purportedly entered into an agreement to sell the land for €1.5m to a company called"Granja Ltd" without the knowledge of the bank and in breach of the 2014 settlement agreement, it was claimed.
The bank had separately sued CBRE alleging negligence in the preparation of the valuation of the Kilpedder lands. Brian McDonagh's appeal was brought on similar grounds, and he sought to put additional evidence before the COA that was not before the High Court.In its judgement the Court of Appeal comprised of Mr Justice Brian Murray, Mr Justice Maurice Collins, and Ms Justice Teresa Pilkington dismissed the appeals and declined to set aside the judgement made against the McDonaghs.
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