DJ must repay €9.5m

FORMER Kilkenny hurler DJ Carey and his partner, Sarah Newman, have been ordered to repay almost €9.5 million to AIB.

Representatives of the high profile couple — Ms Newman is a former ‘Dragon’ on Dragon’s Den — were before the Commercial Court.

In April 2007, Mr Carey took a €7.85m mortgage on a property at the Ladycastle estate in The K Club in Co Kildare and a property at Mount Juliet in Co Kilkenny. In May of the same year, he also guaranteed €1.5m of the liabilities of Ms Newman.

For her part, Ms Newman acted as guarantor for DJ Carey’s €7.85m in liabilities and also took a €1.5m mortgage on another property in Ladycastle.

Neither Mr Carey nor Ms Newman were in court yesterday, but their lawyers told the court that while they were consenting to the judgment orders being sought by the bank against them, they wanted a stay on registration and execution of the orders for three months.

AIB opposed the stay. Acting on its behalf, James Doherty said the bank had made demands arising from loan account arrears from January last, but had received no response from Mr Carey. He said the bank could agree to a shorter stay, but had “a degree of scepticism” given events to date.

In Ms Newman’s case, he said the bank opposed any stay. The bank was aware of issues concerning a Swiss property and wanted to be able to move quickly against that, Mr Doherty said.

Mr Justice Peter Kelly granted judgment for more than €9.5m against Mr Carey and €9.4m against Ms Newman.

He agreed to place a four-week stay on the judgment order in relation to Mr Carey, but refused any stay in the case of Ms Newman after noting the bank’s concerns about its ability to execute judgment over property in another jurisdiction.

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