Wednesday 21 February 2018

Judgement of €4.7m sought against Dublin solicitor over alleged unpaid loans

Stock picture
Stock picture

Tim Healy

AIB is pursuing a Dublin solicitor, Barry Lyons, for a €4.7m judgment over alleged unpaid loans. The case against Mr Lyons, of Garville Road, Rathgar, Dublin, was admitted to the Commercial Court yesterday.

Mr Barry has been a solicitor for over 20 years and specialises in the area of corporate recovery.

In an affidavit, AIB manager Jo Ann Shannon said the bank seeks judgment for €4.7m over refinanced loan facilities extended to Mr Lyons and a third party in 2011 on a joint and several basis. Under the loan agreement, the principal sums in respect of the facilities were due to be repaid by Mr Lyons and the third party in August 2014, she said.

In July 2016, the bank made demand on Mr Lyons and the third party for repayment of the sums. Ms Shannon said the bank was in correspondence with the borrowers to discuss an attempt to reach a mutually-acceptable refinancing solution to the debt due.

In October 2014, she said, the borrowers indicated their willingness to proceed with a restructure of their debt on terms which provided for the disposal of various properties. Negotiations continued on the disposal of assets but, in March 2016, the third party notified the bank of his proposed entry into a personal insolvency arrangement, she said.

Mr Lyons, according to court papers, believes he has a bona fide defence to the bank's claims. The application to have the case admitted to the fast-track Commercial Court was on consent between the parties.

Irish Independent

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