AIB obtains EU order for €51m judgment

A bank has obtained orders allowing it to enforce a €51 million judgment obtained against an Irish businessman anywhere in the European Union.

AIB sought the European Enforcement Order from the Commercial Court today immediately after securing the €51.4 million judgment against Gary Smith, The Paddocks, Straffan, Co Kildare.

Mr Smith, who was not in court and not represented, had entered no appearance in the matter, Kelly Smith, for AIB, said. Counsel said the bank believed Mr Smith had properties outside Ireland but within the EU and, in these circumstances, she was also seeking an order allowing the bank enforce the judgment within the EU.

Mr Justice Peter Kelly said he was satisfied to enter judgment for some €51.4 million against Mr Smith arising from various facilities advanced to Mr Smith and his wife Amanda on dates from 2007.

Those facilities included a €50 million facility to assist with the purchase of the Ashleaf shopping centre in Crumlin, Dublin, and the adjoining freehold licensed premises, the Submarine Bar.