Monday 18 December 2017

AIB obtains order to enforce €51m judgement against Kildare businessman anywhere in the EU

Mary Carolan

A BANK has obtained orders allowing it enforce a €51m judgment obtained against an Irish businessman anywhere in the European Union.

Allied Irish Banks (AIB) sought the European Enforcement Order from the Commercial Court yesterday immediately after securing the €51.4m judgment against Gary Smith, The Paddocks, Straffan, Co Kildare.

Mr Smith, who was not in court and not represented, had entered no appearance in the matter, Kelly Smith, for AIB, said.

Counsel said the bank believed Mr Smith had properties outside Ireland but within the EU and in these circumstances she was also seeking an order allowing the bank enforce the judgment within the EU.

Mr Justice Peter kelly said he was satisfied to certify the judgemnt for the purposes of a European Enforcement order.

Earlier, the judge said he was satisfied to enter judgment for some €51.4n against Mr Smith arising from various facilities advanced to Mr Smith and his wife Amanda on dates from 2007.

Those facilities included a €50m facility to assist with the purchase of the Ashleaf shopping centre in Crumlin, Dublin, and the adjoining freehold licensed premises, the Submarine Bar.

The bank demanded repayment of some €51m last February and, when that was not paid, appointed a receiver over the Ashleaf centre and the Submarine Bar.

It claims claimed both defendants are jointly and severally liable for some €51.4 under the terms of the facilities. The proceedings against Mrs Smith, who is represented, will come before the court at a later date.

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