Judge grants stay on €65m judgment to facilitate talks between couple and fund

A High Court judge has granted a stay until October on his decision that a fund is entitled to a total €65m judgment against a businessman and his wife after being told discussions are underway between the sides.

Mr Justice Michael Twomey granted the stay to October 15 after being told the Promontoria (Gem) DAC had agreed to consider proposals advanced by Stephen Murphy.

The judge also noted there are funds held for Mr Murphy in an account.

On that basis, and while finding that Mr Murphy and his wife Margaret, of Bagenalstown, Co Carlow, had not made out an arguable defence to the summary judgment application entitling them to a plenary hearing, he said he would grant the stay.

He said the sides could update the court in early October as to whether a settlement had been reached.

The fund sought judgment for some €48.3m against Mr Murphy, and for €17.2m against Mrs Murphy arising from borrowings from Bank of Ireland between 2002 and 2010 for property acquisition and development in Ireland.

The loans were later transferred to the National Assets Management Agency which, under terms of a settlement with the couple, agreed to release is charge over the family home and limit its recourse against them.

Nama later transferred its rights and interest in the loans, including the settlement agreement, to Promonotoria.

As a result of an alleged breach by the couple of the terms of the settlement agreement, the fund later issued a demand for repayment and ultimately issued proceedings for summary judgment.