Irish

Tuesday 22 July 2014

AIB calls in receiver as Anthony O'Reilly loses fight for delay

Dearbhail McDonald

Published 03/07/2014|02:30

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Mr O’Reilly had offered to sell his 750-acre Castlemartin Estate to pay off AIB’s debts
Mr O’Reilly had offered to sell his 750-acre Castlemartin Estate to pay off AIB’s debts

AIB has appointed a receiver over certain assets of an investment vehicle controlled by the ex-billionaire Tony O'Reilly.

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The move follows a €22.6m judgment secured by the state- owned bank against Mr O'Reilly last week.

AIB, which claims Mr O'Reilly is insolvent, has security over 237.4 acres of Mr O'Reilly's Castlemartin Estate in Co Kildare, and gate and caretaker lodges.

Mr O'Reilly had offered to sell his 750-acre Castlemartin Estate to pay off AIB's debts.

It is not clear if the receivers will attempt to sell their secured portions of the estate when other parcels are secured to Mr O'Reilly's other creditors.

The Commercial Court has heard that the sale of Castlemartin, described as the "jewel in the crown", was key to Mr O'Reilly's ability to repay AIB and other creditors.

Assets

EY Ireland, the Irish accountancy firm formerly known as Ernst and Young, has been installed as receiver over certain assets of the company.

Brookside Investments, with an address at Castlemartin Stud Farm, is owned by Indexa Holdings, a Cypriot company controlled by Mr O'Reilly, who lives in the Bahamas.

Indexa and Brookside were listed as defendants in the court action taken against Mr O'Reilly by AIB. Last week Mr O'Reilly failed in his legal bid to get more time to repay his debts.

The Commercial Court refused his request for a stay on the execution of a €22.6m judgment entered by AIB against him and companies.

Mr O'Reilly wanted a delay preventing AIB moving on his unencumbered assets which he wanted to distribute to his creditors. Other creditors include ACC, Bank of Ireland, Ulster Bank Ireland, Mellon Bank, EFG Bank, Trust Bahamas Ltd, Lloyds TSB Bank and Lone Star, which acquired his Anglo loans.

Irish Independent

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