La Stampa restaurant and AIB enter settlement talks

Talks in the case taken by former La Stampa restaurant owner Louis Murray have achieved a "conditional basis for a settlement", the High Court has heard.

Mr Murray and his company, Bailieboro Spring Water, in receivership, are suing AIB and a receiver over alleged breach of an agreement for the consensual sale of two Dawson Street properties in Dublin city centre that housed the restaurant, a hotel and a bar.

The sale was intended to deal with a €19.8 million debt to AIB, which appointed receiver Declan McDonald in 2014. He later sold the properties for €17.5 million.

The defendants deny there was any consensual agreement.

Last Friday the case was adjourned to allow Mr Murray, who was under continuing cross-examination, to look at some documents.

Talks began and the case was adjourned again to Tuesday, when Lyndon MacCann SC, for the defendants, said the time had been “put to good use”.

On a conditional basis, there were terms of settlement subject to conditions, he said. Those terms were also subject to Mr Murray’s counsel, John Fitzgerald, obtaining instructions from his client, Mr MacCann said.

In those circumstances, Mr MacCann asked for a further adjournment to Wednesday. Mr Justice David Barniville agreed to that.