Court grants stay on €65m judgment against Carlow couple

A High Court judge has granted a stay until October on his decision that a fund is entitled to a total €65 million judgment against a businessman and his wife after being told discussions are underway between the sides.

Mr Justice Michael Twomey granted the stay to October 15th after being told the Promontoria (Gem) DAC had agreed to consider proposals advanced by Stephen Murphy.

The judge also noted there are funds held for Mr Murphy in an account.

On that basis, and while finding that Mr Murphy and his wife Margaret Murphy, of Bagenalstown, Co Carlow, had not made out an arguable defence to the summary judgment application entitling them to a plenary hearing, he said he would grant the stay.

He said the sides could update the court in early October as to whether a settlement had been reached.

The fund sought judgment for some €48.3 million against Mr Murphy, and for €17.2 million against Ms Murphy arising from borrowings from Bank of Ireland between 2002 and 2010 for property acquisition and development in Ireland.

Nama

The loans were later transferred to the National Asset Management Agency which, under terms of a settlement with the couple, agreed to release its charge over the family home and limit its recourse against them.

Nama later transferred its rights and interest in the loans, including in the settlement agreement, to Promontoria.

As a result of an alleged breach by the couple of the terms of the settlement agreement, the fund later issued a demand for repayment and ultimately issued proceedings for summary judgment.