AIB seeks €24.9m judgment against Carlow businessman

Bank says sum is due over a personal guarantee for company that went into receivership

AIB is seeking summary judgment for €24.9 million against a Co Carlow businessman Philip Morrissey.

The bank claims the sum is due on foot of a personal guarantee entered into by Mr Morrissey of the obligations of concrete and quarrying company Dan Morrissey (Irl) Ltd, which went into receivership last year.

Mr Justice Brian McGovern admitted the case on Monday to the fast-track Commercial Court list and returned it to next month.

AIB says Mr Morrissey agreed to pay up to a capped amount of €24.9 million and interest.

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In June last year, a demand was sent to the company for €26.9 million. When that was not paid, a receiver was appointed by the bank. An examiner was appointed in June 2014 but was discharged in July after unsuccessful efforts to come up with a survival plan.

An affidavit for the bank said the borrowings related to loans totalling €16 million relating to acquisition of quarrying lands in Carlow and Kildare, and that a personal guarantee was granted by Mr Morrissey in respect of liabilities of the quarrying company to the bank and was capped at €24.9 million.