A financial institution that provided loans to companies linked to Patrick McKillen Jr. is seeking compensation from the businessman in the amount of approximately 8.7 million euros, the Commercial Court has been told.
Cabriz Finance Ltd, based on Riverside Road, Carrickmacross, Co Monaghan, alleges that Mr McKillen, whose contact address is in Ely Place, Dublin, provided various guarantees and undertakings for four loans to four companies.
Welltrack Ltd, Yarnway Ltd, Ahlstom Ltd and Dontigo Ltd defaulted on their loans and Mr McKillen failed to pay the amounts owed despite being asked to do so, Kabriz said.
The loans and guarantees/commitments were issued in December 2022, January 2023 and August 2023, the document states. The purpose of these loans was to cover the companies' working capital needs.
On Monday, Judge Mark Sanfey denied Kabriz's motion to move the case to fast-track commercial court.
The judge noted that the claim was related to a commercial list and the parties must act promptly. However, in this case, the default was recorded in December 2023, while the claim for payment was only made in April of this year.
The case was not fast-tracked and was not placed on the commercial list, meaning the case must now go through the High Court's regular list.
Earlier this month the High Court appointed an interim inspector for Workman's Club Ltd, which was part of the former Press Up hospitality and leisure group founded by Mr McKillen Jr and Matthew Ryan.
Sourse: breakingnews.ie
