ACC Loan Management (ACCLM), formerly ACC Bank, is seeking a judgment order against Peter and Tracy Kingston, from Nohoval, Kinsale, Co Cork. The case was admitted to the Commercial Court list this week by Justice Brian McGovern.

According to an affidavit issued by Michael Leogue of ACCLM, the main loan of €2m was advanced in 2007 to restructure the couple’s existing borrowings with AIB.

They had an interest-only arrangement for the first five years and during this period the couple were in arrears several times, though they did make repayments. A sum of €500,000 was advanced in 2008 for the construction of farm buildings.

Due to the couple's cashflow problems ACCLM created a new repayment arrangement for the Kingstons in 2014, but a number of payments were missed.

When a formal demand for repayment of the full €2.4m loan was issued on January 15, the couple sent a cheque of €1,500, according to the affidavit.