Friday 30 September 2016

Court orders O'Reilly to provide asset details to AIB

Tim Healy

Published 07/10/2015 | 02:30

Sir Anthony O'Reilly
Sir Anthony O'Reilly

BUSINESSMAN Dr Anthony O'Reilly has failed to overturn a High Court order that he provide additional information to a bank about his assets.

  • Go To

A three-judge Court of Appeal yesterday unanimously dismissed his bid to overturn a June order requiring him to disclose the information in aid of AIB's efforts to execute a judgment for around €22.5m the bank obtained against him last year. His total indebtedness now stands at around €15m.

Ms Justice Mary Finlay Geogeghan, on behalf of the appeal court, said it had been open to AIB to seek to cross-examine Dr O'Reilly about his assets once that judgment was obtained.

The bank did not seek that straight away because of Dr O'Reilly's health - he had undergone major back surgery earlier this year in New York and was on round-the-clock painkillers, the court heard.

Discovery

The bank was later not satisfied with the nature of the information he did provide in relation to his assets, Ms Justice Finlay Geogeghan said.

She said the High Court order was correct. The Court of Appeal was giving Dr O'Reilly until November 3 to provide the discovery of documents which were being sought by the bank.

Bernard Dunleavy SC asked for six weeks to provide the information because of his 79-year-old client's continuing health position which the court heard remained unchanged. While the documentation would be prepared by others, Dr O'Reilly would have to review it before it was provided to the bank, counsel said.

A medical report provided to the court indicated Dr O'Reilly could concentrate "but only in short bursts of time", counsel said.

AIB objected to six weeks as it would mean the information would only be available at the same time as a court hearing is due to take place in the Bahamas, where Dr O'Reilly is resident, in relation to a personal insolvency process he has engaged in there.

Court of Appeal president Mr Justice Sean Ryan said he could have four weeks given he must have known there was a possibility the appeal would fail.

Debt

In his appeal, it was argued that AIB has been advised Dr O'Reilly had €13.5m in unencumbered assets which the bank could move against to satisfy the outstanding debt but which it had failed to do.

AIB denied the claims or that the application was part of a collateral attempt to embarrass him. It said seeking further information was a normal part of the judgment process.

Irish Independent

Read More

Promoted articles

Editors Choice

Also in Business