The 78-year-old businessman has other borrowings of €195m and his lawyers had claimed the consequences of the Commercial Court refusing the six-month stay on registration and execution of the judgment were “potentially enormous”.
Mr Justice Peter Kelly said that “ample” opportunity had been given to Mr O’Reilly and two companies of his to pay debts of €22.6m and €23m respectively to Allied Irish Banks and they were not entitled to further forbearance from the court.
In affidavits, Mr O’Reilly said: “I have spent my whole life in business. I believe that, throughout a range of different commercial interests across a host of countries in several continents, I have built a reputation for honest dealing and straight talking.”
State-owned AIB initiated the proceedings last month against Mr O’Reilly, of Lissadell, Lyford Cay, Nassau, Bahamas; Brookside Investments Ltd; and Indexia Holdings, which respectively own his estate in Glandore, Co Cork, and a stake in Independent News & Media and share of Providence Resources.
Judgment for the €22.6m and €23m sums was granted last Monday but Mr O’Reilly had wanted a six-month stay on execution to allow him to control the sale of assets, including his 750-acre estate at Castlemartin, Co Kildare, which was described as “crucial” to his ability to pay off AIB.
A church on the Castlemartin estate, including a graveyard where his parents and two grandchildren are buried, was excluded from security given to banks, but will be included in the Castlemartin sale.
AIB’s loans are secured over 237 acres and the gate and caretaker lodges at Castlemartin; Shorecliffe House and lands at Glandore, and almost 9m shares in Independent News & Media.