Everyday Finance DAC

Loan fund makes demand for €61 million from Balmoral International

A fund is seeking judgment for more than €61 million against Balmoral International, a property company that was created when property assets were spun out of Fyffes in 2006. The company is linked to the McCann family, who are best known for their involvement in Fyffes and Total Produce.

The fund, Everyday Finance DAC, is seeking judgment for €33.4 million and €28.3 million against Balmoral International Land Ltd., Stokes Place, Dublin, and 50 subsidiaries which it says each acted as guarantors on the loans.

Originally, loans totaling €300 million were issued by AIB before being restructured in 2015. In December 2019, two of the four loan facilities had been fully repaid but around €60 million remained outstanding.

Last January, the outstanding loans, totalling €61.4 million, were sold to Everyday, a loan servicing and credit management fund with registered offices in Ballybrit, Co Galway. In Commercial Court proceedings, Everyday says in a statement of claim that there was a dispute between the parties as to whether the outstanding amounts were repayable on demand. Everyday says they are.

Source: independent.ie

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