Family awaits ruling on €25m development loan

THE Commercial Court will rule next month whether businessman Philip Lynch and his family have any liability to Allied Irish Banks for a €25 million loan issued to them to buy development lands in Co Waterford.

Family awaits ruling on €25m development loan

The case opened lastDecember, evidence ended last May and legal submissions were heard in June after which Mr Justice Michael Peart reserved judgment on the 27-day hearing. He indicated yesterday he expected to give judgment on November 15.

The legal costs of the case are expected to amount to several million euro.

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