A businessman who bought and refurbished a Kildare hotel which later went into receivership has had summary judgment for €6.3m entered against him in the High Court.
Danske Bank, formerly National Irish Bank, sought the judgment against Sean McElvaney over guarantees for his company Connotes for loans relating to a €6.4m facility in 2004 on matters including development work at the former Setanta House Hotel in Celbridge.
There was a default on the loans and, in 2011, the bank appointed a receiver over the hotel. It was sold and the bank received around €815,000 when the receivership was completed.
Mr McElvaney claimed when he signed the guarantee for Connotes’ loans, he believed his liability was limited to €1.3m.