independent

Wednesday 16 April 2014

Businessman Philip Lynch loses bid to overturn €26m AIB debt

Three judge Supreme Court dismissed the appeal by Mr Lynch

'DISAPPOINTED': Philip Lynch

BUSINESSMAN Philip Lynch has lost his Supreme Court action to overturn a "catastrophic" court order to repay a loan of more than €26m to Allied Irish Banks.

AIB was granted judgment orders, in December 2011, for €26m each against Mr Lynch, his wife Eileen and children Judith, Paul, Phillipa and Therese.

This morning a three judge Supreme Court dismissed the appeal by Mr Lynch.

The ruling, delivered by Mr Justice Donal O'Donnell - who described the loan dispute as a" complex case" - does offer some hope, however, to Mr Lynch's wife and children as the case against them may be the subject of a new trial.

The loans in question were given to the Lynch family and developer Gerry Conlon to buy development lands in Waterford in 2007.

Mr Conlon was also ordered by the Commercial Court to repay €26.2m to AIB arising from the unpaid loan made to him and the Lynch family.

The enforcement of those orders was put on hold pending the Supreme Court appeal.

ENDS

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