A Tipperary businessman has agreed to judgment orders of more than €19 million being granted against him over unpaid loans and guarantees to Bank of Ireland.
The orders against Michael Woodlock of Rathronan, Clonmel arise from an agreement in July 2011 under which the bank made nine term loan facilities totaling €15 million available following restructuring of his existing facilities with the bank.
When the loans were not repaid as agreed the bank issued formal demands for repayment after which it initiated the legal proceedings.
The claim also arose from alleged guarantees provided by Michael Woodlock in 2011 covering liabilities of Flancare (Clonmel) Distribution Ltd up to €528,000 and credit advances to Ellen Woodlock of up to €2.4 million.
Judge Peter Kelly agreed to transfer the bank's case to the Commercial Court.
