Saturday 3 December 2016

O'Reilly fights call for further disclosure of assets by AIB

Tim Healy

Published 06/10/2015 | 02:30

Dr O'Reilly is appealing a High Court decision last June granting AIB an order for discovery following a €22.6m judgment entered against him
Dr O'Reilly is appealing a High Court decision last June granting AIB an order for discovery following a €22.6m judgment entered against him

AIB has no evidential basis for seeking a court order that businessman Anthony O'Reilly make further disclosure on his assets, the Court of Appeal has heard.

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Dr O'Reilly is appealing a High Court decision last June granting AIB an order for ­discovery following a €22.6m judgment entered against him. His total indebtedness to AIB now stands at around €15m.

Bernard Dunleavy SC, for Dr O'Reilly, said AIB has been advised his client has €13.5m in unencumbered assets which the bank could move against. Yet it had not moved against these assets, counsel said.

AIB denies claims on ­behalf of Dr O'Reilly that the ­application was made as part of a ­collateral attempt to ­embarrass him. It says Dr O'Reilly had an ­interim receiver appointed over ­unencumbered assets as part of an insolvency arrangement he entered into in the Bahamas, where he is resident.

Mr Dunleavy, in his ­submissions to the appeal court, said AIB obtained a High Court order requiring the ­businessman - who underwent back surgery earlier this year - to swear a new affidavit after a judge ruled there was nothing to stop him instructing lawyers and accountants. Dr O'Reilly, who the court heard had been on round-the-clock painkillers, then appealed that order and the Court of Appeal said it will give its decision on Tuesday.

Mr Dunleavy previously said AIB had sought the order in an attempt to "humiliate and embarrass" the businessman.

Counsel, in reply to a ­question from Mr Justice Ryan, said there was an ulterior ­motive behind it and that should affect a court's discretion. Dr O'Reilly had provided AIB with a statement of assets as part of his personal insolvency arrangement in the Bahamas, counsel said.

Irish Independent

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