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Agreement reached between Tony O'Reilly creditors on Dromoland company shares

Summary

In the Commercial Court, an agreement was reached among creditors of businessman Tony O'Reilly concerning a priority charge over €2.7 million worth of shares held in Dromoland Castle Holdings Ltd (DCHL). The court made absolute a conditional order previously granted, giving AIB priority over other creditors in relation to the shares. The order confirms that €15.26 million, plus continuing interest, is charged in favour of AIB on 8,216 shares held by or on behalf of Mr O'Reilly, subject to any prior interest of BNY Mellon. The decision does not prejudice any rights of DCHL or its shareholders under any shareholders agreement or the company's articles. AIB, BNY Mellon, DCHL and representatives of three financial institutions were parties to the action. The court noted that the order may affect Mr O'Reilly's insolvency process in the Bahamas, but AIB rejected that claim.

Who, what, where, when and why

What: Report matter: Agreement reached between Tony O'Reilly creditors on Dromoland company shares. Procedural stage: charge_or_pretrial

When:

• 2015-05-21 Publication

Places mentioned

Topics

Stage Charge Or Pretrial

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