AIB goes to Commercial Court over €5.5m loan to couple

AIB is seeking summary judgment against a couple over alleged unpaid loans totalling some €5.5 million.

Oliver Kelly and Stephanie Kelly, company directors, of Rosbarnagh House, Torquay Road, Foxrock, Dublin, are being sued for €5.5 million allegedly due on foot of loans advanced by it and AIB Mortgage Bank between 2003 and 2010.

Mr Justice Brian McGovern agreed yesterday to transfer the case to the fast- track Commercial Court list.

Lawyers for the couple opposed the bank’s application to have the case admitted on grounds including its alleged delay in bringing the proceedings. The judge accepted there was no culpable delay by AIB.

In a sworn statement on behalf of the bank, it said it was in extensive discussions with the couple between May and December 2015 with a view to restructuring their borrowings.

The bank also said matters came to light during the negotiations that caused it concern including its discovery that a €1.5 million judgment mortgage was registered against a primarily debt-free asset of the Kellys by an employee/ agent of theirs who had assisted them with their property portfolio over a 10 to 15-year period.