Courts / Dublin / Report

Brothers seek to have €17m judgment against them vacated

Summary

Two brothers, Paul and Gerard Dormer, have filed High Court proceedings to set aside a settlement agreement with Allied Irish Banks (AIB) that left them liable for €17 million. They argue that AIB breached the settlement's terms by failing to provide credit facilities as promised. The settlement, reached after the brothers contested AIB's summary judgment request, required AIB officials to recommend credit to the brothers once certain conditions were met. The brothers claim the AIB committee declined to approve the credit without giving them a chance to present their case, and that the committee's recommendation was made in bad faith. The brothers have obtained temporary injunctions preventing receivers from selling their assets and seek an order vacating the €17 million judgment and declarations that AIB breached the settlement. They plan to apply for admission to the commercial court list next Monday.

Who, what, where, when and why

What: Report matter: Brothers seek to have €17m judgment against them vacated. Procedural stage: hearing_or_decision

When:

• 2014-12-03 Publication

Why: Businessmen Paul and Gerard Dormer want the agreement set aside because they claim the bank fundamentally breached the conditions of the settlement entered into earlier this year. CNI source report

Places mentioned

Topics

Stage Hearing Or Decision

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Read the original CNI report