Court can hear shares case

The Irish High Court has jurisdiction to deal with a challenge by a group of Irish Investors, in a Radisson Blu Hotel in Southern France, against AIB bank’s threat to take over their shares.

The court had heard that since proceedings started last month, the Toulouse Commercial Court had declared it had jurisdiction to deal with the proceedings as the centre of main interest was in France.

Yesterday, Ms Justice Mary Faherty rejected the submission of counsel for Blagnac Investment Ltd, the Irish investors’ entity, that because insolvency proceedings had been initiated in France the Irish courts had no jurisdiction to determine matters.