Kelly to repay over €60m to AIB

Developer Michael Kelly, who bought the former hospital on Dublin’s Hume Street five years ago for €30 million, has consented to summary judgment orders requiring him to repay more than €60 million to Allied Irish Banks arising from unpaid loans.

AIB has agreed to a conditional six-month stay on registration and execution of the orders. It had brought proceedings in the Commercial Court against Mr Kelly, Glaunsharoon, Eglinton Road, Donnybrook, Dublin, but, when the case came before Mr Justice Peter Kelly yesterday, he was told the matter had settled on terms. John Hennessy SC, for AIB, said the terms included Mr Kelly consenting to judgment – in sums of about €51.7million and £10.6 million – but agreeing to a stay on registration and execution of judgment.

http://www.irishtimes.com/newspaper/ireland/2011/1129/1224308280573.html