Internationally acclaimed Clare musician Sharon Shannon and her manager, John Dunford have consented before the Master of the High Court to a judgment for €520,000 being registered against them.
Mr Dunford, as well as acting as Ms Shannon’s manager, is a well known music producer.
Permanent TSB sought the judgment, both jointly and severally, against the pair after they allegedly failed to make repayments on a business loan taken out with the bank in 2006.
In its proceedings, Irish Life and Permanent Plc, trading as Permanent TSB Plc said Ms Shannon, Devon Gardens, Salthill Co Galway and Mr Dunford, Corbawn Shankill, Dublin borrowed €402,000 by way of an Endowment Residential Business Loan from it in November 2006.
The loan was to be repaid by way of month installments of just over €1,650 over a period of 20 years. In June 2010, the banks said the pair failed to make two monthly repayments in a row.
Under the terms and conditions of the loan, the entire balance became due and owing. In 2012, the bank demanded full repayment of the loan. Despite making the demand the bank claimed the defendants neglected to pay back the monies advanced, plus interest it says it was due.
The bank’s application for judgment was briefly mentioned yesterday before the Master of the High Court, Edmund Honohan, who deals with procedural and other matters relating to cases on their way to hearing before a judge of the High Court.
Tomas Keys, BL for Permanent TSB Plc, told the Master the defendants had consented to judgment of €520,057 in favour of the bank. Mr Dunford and Ms Shannon were represented by separate solicitors.
The Master placed a six month stay on the execution of the judgment order, which the parties had agreed.
By Aodhan Ó Faolain