Corr in court

Jim Corr is to appear before the Commercial Court today to answer questions about a €750,000 unpaid loan to ACC bank.

The Dundalk musician is to be cross examined by the bank’s lawyers over his assets.

Two years ago Corr consented to a €1.4m summary judgment order against him by ACC bank.

The loan was advanced to him and others in 2004 to buy lands at Goresbridge, Co Kilkenny.

ACC Bank says €778,000 is still outstanding on the loan and their lawyers will today question the musician about his means.

In court documents, Jim Corr claims his liabilities at €6.5m arising from property investments far exceeding his assets.

The bank claims he is in receipt of music royalties and income from properties he owns abroad.

Previously: Corrs for concern

Corrs for concern

There may be financial problems ahead for Dundalk-born musician Jim Corr, as he has been called before the commercial court as ACC Bank looks to secure payment of €778,000 still outstanding from a €1.4 million judgement obtained over an unpaid loan advanced to him and others in 2004 to buy lands in Kilkenny.

Jim, the eldest member of Dundalk’s biggest ever musical exports The Corrs, is reported to have liabilities far exceeding his assets with outstanding liabilities of some €6.5 million arising from property investments.

ACC also in February 2011 secured summary judgment for €1.4 million on consent against Liam Marks, The Coach House, Sandymount, Blackrock, Dundalk, arising from the same loan.

The proceedings arise from a loan advanced to Mr Corr and Mr Marks in November 2004 to assist in purchasing some 97 acres of non-residential lands at Gorebridge, Co Kilkenny.

During the February 2011 proceedings, ACC said Philip Marks, a son of Liam Marks, was also a party to the letter of loan sanction but it was unsure of his whereabouts, having heards reports he is living in Hong Kong.

Once it has ascertained Mr Marks’s whereabouts, it intends to bring proceedings against him, the bank said.

Source: The Irish Times