Bank seeks judgment of €5.8m from solicitor

By Ann O'Loughlin

An application by AIB for summary judgement of €5.8m against a Dublin solicitor has been admitted to the fast track Commercial Court list.

The application is against John Reid which arises from a claim by Allied Irish Banks Plc in respect of monies that allegedly remain outstanding from loans advanced to the solicitor between 2004 and 2010.

It was claimed the monies were advanced to finance property investment as well as finance for Mr Reid's firm of solicitors O'Rourke Reid Law Firm, of which he is the principal.

The bank initially demanded repayment of monies in 2012.

Following negotiations, some monies were repaid after the parties entered into settlement agreements in respect of the alleged debt.

However, AIB alleges that Mr Reid breached the terms of settlement agreements which were entered into in 2012 and 2014.

The latest alleged breach the bank claims occurred in early June. A demand, AIB claims, was made for the amounts it says are due and owing.

Despite the demand, AIB claims Mr Reid has failed to satisfy its demand for repayment.

It was part of the terms of the settlement agreements that if any breach occurred the matter would be re-entered in court and admitted to the Commercial Court list.

The application to admit the action to the fast track list was not opposed.

The matter came before Mr Justice David Barniville today. The judge said he was satisfied that the matter is admitted to the list.

The case was adjourned to a date in July.