Michael and Kevin Corbett face €47m judgment over unpaid loans

This report is a localnews.ie summary based on public court reporting and records; sources are listed below.

Michael and Kevin Corbett faced a €47 million judgment over unpaid loans in the High Court, reported on 23 October 2015.

The investment fund LSREF III Achill Investments Ltd also secured an additional €10 million judgment against Michael Corbett. The loans supported property developments and other property interests in Cork, including student accommodation and commercial premises.

Mr Justice Max Barrett rejected the Corbetts’ argument that the dispute required a full hearing, ruling that summary judgment had to be granted. The judge said the case highlighted vulnerable borrowers who fell outside consumer-credit protections.