Lynchs ‘can argue liability’ to €26m order

The wife and children of businessman Philip Lynch are entitled to a further hearing to determine whether AIB is entitled to €26m judgment orders against them over an unpaid development loan, the Supreme Court has ruled.

The High Court had ruled Mr Lynch, his wife Eileen and adult children — Judith, Paul, Philippa and Therese — were all liable for the €25m loan advanced to the Lynch family and developer Gerry Conlan to buy 86 acres at Kilbarry, Waterford.

The proposed development was expected to lead to a €20m profit but the lands in 2011 were valued at less than €5m. It later ruled AIB was entitled to judgment for €26m against the Lynchs but a stay applied pending appeal.