€47m Cork legal action

An investment fund is seeking summary judgment for €47m against property developers Michael and Kevin Corbett, as well as an additional €10m from Michael Corbett, arising out of an alleged failure to repay bank loans.

The application has been brought by LSREF III Achill Investments Ltd, a Dublin-registered firm engaged in fund management, against Michael Corbett of Annaville, Western Rd, Cork and Kevin Corbett, Grenagh, Co Cork, in respect of several loans it acquired from Ulster Bank in November 2014.

The matter came before Mr Justice Brian McGovern, who agreed to have the case put on the fast-track Commercial Court list. The case will be heard later this year.