Updated: 08/11/16 : 05:33:42
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Perry's deal with bank over €2.42m debt breaks down

A settlement agreement between former Fine Gael TD John Perry, his wife Marie and Danske Bank over a €2.47 million judgment obtained against the couple has broken down, the Commercial Court has heard.

According to The Irish Times, Mr Perry, a businessman and former Sligo-based TD and minister of state, and his wife, had in 2013 consented to judgement against them for €2.47 million in favour of Danske.

The bank sued arising from a October 2011 facility for some €2.42 million provided to restructure existing loans. The bank, represented by Rory White BL, sought judgment after the couple did not fully repay the loan and the bank made a demand for payment which was not satisfied.

Following the judgment, Dankse claims it entered into a settlement with the Perrys.

They allege it was agreed Mr Perry would irrevocably assign all his rights benefits and interest in his TD’s pension and severance lump sum entitlements to the bank and certain other payments would also be made to Danske.

On foot of the settlement, the bank says it agreed not to enforce the judgment. It alleges they failed to comply with their obligations resulting in the bank last August terminating the settlement agreement.

Statement of affairs

As part of its bid to recover what it is owed, Dankse previously got an order from the High Court directing the couple to set out their assets in a statement of affairs.

The matter returned before the Commercial Court yesterday, Monday when Mr Justice Brian Cregan was told the deadline for the Perrys to comply with the order had passed and no statement had been provided.

Lawyers for Danske said, while failure to comply with a court order was serious, the bank was prepared in the interests of fairness to agree to the Perrys having another week to provide the statement. They must also provide the bank with a sworn statement disclosing all documents in support of their statement of affairs.

Neither of the Perrys, Carrownanty, Ballymote, Co Sligo were in court on Monday.

An accountant who spoke on their behalf said Mr Perry was ill. The Perrys were trying, but were unable, to get information they had sought from the bank.

Mr Justice Cregan said the accountant had no right of audience and adjourned the case. He said he would give the couple two weeks to prepare a statement of affairs and accompanying documents.

The couple or lawyers acting on their behalf would have to attend court on the next occasion, he added.