Solicitor pursued over €4.7m sum

AIB is pursuing Dublin solicitor, Barry Lyons, for a €4.7m judgment over alleged unpaid loans.

The bank is seeking judgment in the sum of €4.7m against Mr Lyons of Garville Road, Rathgar, Dublin.

Mr Justice Brian McGovern yesterday admitted the case to the fast-track Commercial Court.

Mr Barry has been a solicitor for over 20 years and specialises in the area of corporate recovery.

In a grounding affidavit, AIB manager Jo Ann Shannon said the bank seeks judgment in the sum of €4.7m against Mr Lyons over refinanced loan facilities extended to Mr Lyons and a third party in 2011 on a joint and several basis.

She said according to the provisions of the loan agreement, the principal sums in respect of the facilities were due to be repaid by Mr Lyons and the third party in August 2014.

In July 2016, the bank made demand on Mr Lyons and the third party for immediate repayment of the sums due and it is alleged the entire sum remains outstanding and unpaid.

In her affidavit, Ms Shannon said the bank was in regular correspondence with the borrowers to discuss an attempt to reach a mutually acceptable refinancing solution to the debt due.

In October 2014, she said the borrowers indicated their willingness to proceed with a proposed restructure of their debt on terms which provided for the disposal of various properties.

Negotiations continued on the disposal of assets but in March 2016, the third party notified the bank of his proposed entry into a personal insolvency arrangement. In July 2016, the bank formally made demand on Mr Lyons and the third party for immediate repayment of the sum due.

In October 2016, the bank, she said was notified the third party had filed for and obtained a protective certificate under the Personal Insolvency Act 2012 and the bank has not taken any steps with regard to the recovery of its debt against the third party.

The bank began proceedings against Mr Lyons in November 2016 over the loan repayment.

Mr Lyons, according to court papers, believes he has a bona fide defence to the bank’s claims.

The application to have the case admitted to the fast-track Commercial Court was on consent.