Musician Jim Corr settles debt dispute with ACC
MUSICIAN Jim Corr has settled his long running debt dispute with ACC Bank.
This morning the Commercial Court, the big business division of the High Court, heard that there was a "recent engagement" between the two sides and that an agreement in principle had been reached.
The eleventh hour settlement, which will outline Mr Corr's liabilities to ACC, will be written up this afternoon and will come back before the Commercial Court at 2pm.
The settlement was agreed minutes before Mr Corr was due to be cross examined by ACC as part of its efforts to be paid some €778,000 outstanding from a €1.4m judgment.
High Court judge Mr Justice Peter Kelly agreed to two short adjournments to facilitate talks between Mr Corr and bank officials.
Judge Kelly was told by barrister Bernard Dunleavy, for ACC, that Mr Corr had made a proposal "literally" before the case resumed.
ACC obtained judgment on consent in February 2011 against Mr Corr and Liam Marks, The Coach House, Sandymount, Blackrock, Dundalk, Co Louth, over an unpaid loan advanced in 2004 to buy lands at Goresbridge, Co Kilkenny which were later sold.
ACC agreed to accept some €778,675 from the sale but continued to seek repayment of the outstanding sum.
ACC has registered its €1.4m judgment against Mr Corr against his interest in properties in Co Louth, Kildare and Donnybrook, Dublin.
During his court examination last May, Mr Corr said he was "in dire straits" trying to protect his finances for the sake of his son when he sold the apartment at Donnybrook Castle for €350,000 shortly after.