Summary judgment granted where there is no evidence of a binding settlement

Commercial Court – Summary Summons – seeking judgment in sum of €4,572,662.91 - borrowings were made for the purpose of building 16 apartments - loan facility of €3,896,000 - accepted the Facility Letter and the Bank’s General Conditions - two of the defendants are contesting these proceedings – fourth defendant submits that the proceedings should go to plenary hearing - claims that he reached a binding settlement agreement – claims that he settled his joint and several liability of €4.5 million for his undertaking to pay €80,000 – third defendant also relies on the alleged settlement agreement – argues that the claim against her cannot be sufficiently particularised until the amount agreed to be paid by the fourth defendant under the alleged settlement agreement is established at a plenary hearing – no dispute that the monies were borrowed and that they have defaulted in the repayment - whether the defendant has a ‘credible defence’ - Statute of Limitations claim - cause of action in these proceedings arose when demand was made - no question of these proceedings being statute barred - condition precedent claim - no valuation was obtained – Court determined that it was clear that the condition precedent was waived - the requirement to have a valuation is severable from the remainder of the Facility Letter - obligation of the defendants to repay monies borrowed is not extinguished even where there has been failure to comply with a condition precedent - SME Code claim - number of breaches of the Code of Conduct for Business Lending to Small and Medium Enterprises issued by the Central Bank of Ireland - compliance with the SME Code is not a prerequisite to establishing liability, nor does non-compliance furnish a defence – Plaintiff’s title to bring these proceedings - argument regarding the evidence of plaintiff’s title does not offer the defendants a credible defence - settlement agreement claim - no written records - no documentary evidence supplied to support claim – Plaintiff supplied documentary evidence to the effect no agreement was reached - contemporaneous note do not support the fourth defendant’s claim – Court rejects contention that there was a binding settlement agreement - interest calculation claim - a bank statement is prima facie evidence of what is contained therein - no credible defence has been mounted – Court grants summary judgment for that principal sum, €3,896,000.