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Agreement reached in O'Reilly case


Dromoland Castle

Dromoland Castle

Dromoland Castle

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.

Irish Independent