Business Irish

Sunday 25 August 2019

Former La Stampa owner in settlement talks with bank

Adjournment: Former La Stampa owner Louis Murray leaves the Four Courts
Adjournment: Former La Stampa owner Louis Murray leaves the Four Courts

Tim Healy

Talks between lawyers for the former owner of La Stampa restaurant and those for a bank and a receiver have achieved a "conditional basis for a settlement" of the dispute between them, the High Court has heard.

Louis Murray and his company, Bailieboro Spring Water, in receivership, are suing AIB and a receiver over an alleged breach of an agreement for the consensual sale of two Dawson Street, Dublin, properties which housed the restaurant, a hotel and a bar.

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The sale was intended to deal with a €19.8m debt to AIB which appointed receiver Declan McDonald in 2014 and who later sold the properties for €17.5m.

The defendants deny there was any such consensual agreement.

Last Friday, the case was adjourned to allow Mr Murray, who was under continuing cross examination, to look at some documents.

Talks began and the case was adjourned again to Tuesday when Lyndon MacCann SC, for the defendants said the time had been "put to good use".

On a conditional basis, counsel said, there were terms of settlement subject to conditions. It was also subject to Mr Murray's counsel, John Fitzgerald, obtaining instructions from his client.

In those circumstances, Mr MacCann asked for a further adjournment to Wednesday, which Mr Justice David Barniville agreed to.

Irish Independent

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