Two businessmen are being pursued by Zurich Bank for more than €16 million under personal guarantees over loans made to a construction company for a development in Co Clare.

The bank has brought its action against Donal O’Connor, Stradbally East, Clarenbridge, Co Galway and Martin Roche, of Aille, Loughrea, Co Galway.

Mr Justice Peter Kelly transferred the proceedings to the Commercial Court yesterday and returned the matter to Friday, when both defendants will be asked to outline the nature of any proposed defence.