Agreement reached in O'Reilly case
Published 22/05/2015 | 02:30
Agreement has been reached between a number of businessman Tony O'Reilly's creditors over a bank's efforts to get a priority charge over €2.7m worth of shares held for him in the Dromoland Castle holding company, the Commercial Court heard.
Following the agreement, the court made absolute a conditional order it granted last week giving AIB priority over Mr O'Reilly's other creditors in relation to the shares.
It is part of AIB's continuing efforts to recover a €22.6m judgment entered against him last June.
Inclusive of interest, and following the sale of certain assets, his total indebtedness to AIB stands at around €15.2m.
Dromoland Castle Holdings Ltd (DCHL), Newmarket-on-Fergus, Co Clare, is a party to the action.