A retired High Court taxing master and a company of which he is a director have consented to judgments being entered against them in favour of AIB. A stay on execution of the judgments applies to October when it may be extended further.

At the High Court on Wednesday, James Flynn, through his lawyers, consented to judgment for €2.5 million being entered against him in favour of AIB. The court was told Fortberry Ltd was also consenting to judgment for more than €5 million in favour of AIB.

The bank brought proceedings against the company and Mr Flynn arising from loans to Fortberry in 2008. Judgment against Mr Flynn was sought on foot of a guarantee concerning the loan facilities. The action was brought after the defendants failed to satisfy a demand for repayment.

When the case was called on, Mr Justice Paul Gilligan was told by Lyndon MacCann SC for AIB that the company and Mr Flynn were consenting to judgment against them in favour of AIB.

Mr Flynn, Dowth, Co Meath, is a solicitor and a retired High Court taxing master, according to Mr MacCann.

Following submissions from the parties. Mr Justice Gilligan agreed to put a stay until October on execution of the judgments to allow Mr Flynn and the company to sell assets to reduce the debt.

The company and Mr Flynn, represented by Arthur Cunningham, had sought a stay of nine months to facilitate asset sales.

Bankruptcy concern

Mr Flynn was concerned the bank would seek to have him adjudicated as a bankrupt and, if that occurred, he would be unable to practise as a solicitor, Mr MacCann said. He initially told the court AIB was opposing any stay and said the relationship between the parties was not good.

However, following discussions and suggestions from the court, he said AIB would agree to a stay to October on execution of the judgments once certain conditions, were complied with by the defendants.