AIB gets order on Barry’s shares

ALLIED Irish Banks has secured an interim charging order over some 90,000 shares in Barry’s (Cork) held by one of its directors as part of the bank’s effort to execute an €8 million judgment order obtained against that director and another businessman.

Donagh Barry, Cowper Road, Rathmines, Dublin, and Michael McCarthy, Shrewsbury Downs, Ballinlough, Co Cork, had not advanced any defence last May to AIB’s application for €8 million summary judgment orders against them, and Mr Justice Peter Kelly granted the judgment orders.

The applications arose from personal guarantees provided by them in August 2007, up to a maximum €8m, over loans provided to Central Plaza Properties Ltd with registered offices at Cork Road, Midleton, Co Cork.

Yesterday, Dermot Cahill, for AIB, sought charging orders against some 90,000 shares, a 9% shareholding, held by Mr Barry in Barry’s (Cork), an unlimited company, of Kinsale Road, Cork. In court documents, Mr Barry was said to have held, within the last 10 years, directorships of Barry’s Cork, Barry’s Tea, Central Plaza Properties and four other companies.

Mr Justice Kelly made the interim charging order and returned the matter in two weeks’ time when Mr Barry will have an opportunity to argue against the charging order being made absolute.

AIB brought the proceedings after advancing loans of some €18 million to Central Plaza Properties to develop a zoned site in the Mahon district of Cork city.