A settlement has been reached of proceedings aimed at recovering some €4.6 million from the widow of property developer Liam Maye under a guarantee and indemnity allegedly provided over loans made to the couple’s three daughters for equity fund investments.

Mr Justice Peter Kelly was informed yesterday the actions by Friends First Finance Ltd against Anne Maye had been settled and could be struck out. No details of the settlement were revealed but the judge was told the terms had been implemented.

Friends First had claimed the money was owed by Mrs Maye arising from a guarantee and indemnity of February 4th, 2009 requiring her, it alleged, to pay on demand some €4.5 million loaned to her daughters, Emma, Dawn and Nicola, in the event of their not repaying the loans.