Appeal dismissed as property loan co-borrower remains liable despite agreement with others

The Court of Appeal dismissed an appeal against a High Court decision granting summary judgment in favour of a bank for approximately €7 million against one of four co-borrowers under a property investment loan. The appellant, who had not repaid the loan, argued that a debt resolution agreement between the bank and his co-borrowers released or reduced his liability, and also that his co-borrowers breached a joint venture agreement, allegedly induced by the bank. The Court of Appeal upheld the High Court’s findings: the debt resolution agreement did not discharge the appellant’s liability nor did it constitute a release under civil liability law; no breach of the joint venture agreement was established, nor was it necessary to imply further terms into that contract; and the summary judgment procedure followed was satisfactory, despite arguments about insufficient detail which were raised late in the proceedings. The only technical adjustment was to reduce the judgment sum to account for additional payments made by co-borrowers after the High Court’s order. All other grounds of appeal, including procedural complaints regarding cross-examination and costs, were rejected.