ACC Bank has told a High Court hearing that it is come as a huge surprise that a builder with an address in Co. Wicklow was declared a bankrupt in Northern Ireland yesterday.
The bank has brought a case against Sean McCann of Killegar in Enniskerry and Botanic Court in Belfast over a guarantee on a €5.5 million company loan to Killorglin Investments Limited in 2006.
The Court has heard ACC Bank is pursuing Mr. McCann for €5.55 million over an alleged guarantee he gave as director of a construction firm Killorglin Investments Limited.
The loan facility was issued in 2006 to develop over 11 acres of land in Killorglin but the company defaulted when planning permission was refused and the venture stalled.
However yesterday the builder was declared a bankrupt in Northern Ireland over a stg£1,400 rent debt.
Lawyers for ACC Bank say they were completely surprised by the move which they contend was aimed at frustrating bankruptcy proceedings in the South.
They say the petition today is urgent to stop Bank of Ireland securing priority as a creditor.
It has a competing claim and sought last May to secure a mortgage judgment over 15 properties of Mr. McCann including the family home.
