Brendan Murtagh, a co-founder and former director of building group Kingspan, has been hit with a €23.4 million judgment by state-owned Anglo Irish Bank.
The demand for payment, which follows a legal action by the bank, brings to more than €80 million the judgments registered against the businessman.
Anglo Irish Bank initiated proceedings against Murtagh last summer, seeking repayment of borrowings on the basis of personal guarantees that he gave to the bank.


there is more

By the peak of the bubble Accountants and Solicitors were very much a part of the promotion of property investment syndicate activity. Unsurprisingly these promoters are in the firing line some years later. One retired couple were in for €3m. All lost I fear.

Most of the money was made on commission .....for bringing their clients in to be roadshowed.

http://www.irishtimes.com/newspaper/fin ... 68942.html

The former Kinsale home of runaway property developer Greg Coughlan, of Howard Holdings, is being sold by his wife Anne with a €3.5m-plus price tag.

The modern mini-mansion Fastnet House, with swimming pool overlooking Kinsale harbour at Arbrack, cost about e6m to build, but was vacated by the Coughlans after commercial court orders totalling more than e60m were served against three Howard Holdings directors in 2010.

Greg Coughlan failed to comply with a court order to disclose his assets and fled the country.

He is understood to have been living since in Portugal and in London.

Largely funded by Anglo Irish Bank, Howard Holdings at one stage claimed to have developments in train of over e2bn, including projects for the London Olympics, and proposed a e1bn scheme called Atlantic Quarter for Cork’s docklands.

Howard Holdings, headed by Mr Coughlan, completed the €100m City Quarter development in Cork City, and Mr Coughlan subsequently used the same team of architects Scott Tallon Walker, and builders PJ Hegarty & Sons, to build the couple’s dream Kinsale home.

Reckoned to be the most expensive house built in the chic Cork town, it is on several sloping acres with harbour and River Bandon views, is fully air-conditioned, has four bedrooms, a hotel-quality 15m pool, gym, and hot tub plus ice-plunge pool, and comes with a sedum grass roof.

It replaced a 1970s 2,500sq ft house called Umera, bought for about €750,000 and then flattened. The couple subsequently added more land to the private site, bringing it up to four acres, and sank over €1m into ground and site works before building their cool-looking and heavily-glazed home.

When contacted last night, a spokesperson for estate agents Cohalan Downing confirmed they had been instructed by the house’s owner, Anne Coughlan, to publicly put it up for sale for over €3.5m.