An application by AIB to bankrupt former Fine Gael Minister and Newstalk broadcaster Ivan Yates has been dismissed by the High Court.

The bank took proceedings against the former radio broadcaster over an alleged debt of €3.6 million arising from a loan to Celtic Bookmakers.

The bankruptcy summons was issued by AIB last May for €3.69 million allegedly due on-foot of a guarantee made by Mr. Yates in 2010 on a bank loan to the now liquidated Celtic Bookmakers.

The former politician and broadcaster argued the summons was invalid on several grounds – including claims he had not been served with a valid 4-day demand notice and that the sum sought by AIB was too high.

He contested the charging of interest on the debt after the bookmakers went into receivership and fees paid by AIB to the receiver.

He was not in court today as Ms. Justice Elizabeth Dunne dismissed the bankruptcy summons.

She found the former Minister raised ‘real and substantive issues’ on whether AIB demands are over-stated which have to be litigated outside the bankruptcy process.