A settlement has been reached between a group of private investors and developer Bernard McNamara, which means that Mr McNamara does not have to file a statement of his assets in court.

The Commercial Court was told today that a settlement had been agreed and as part of the settlement, a court order directing Mr McNamara to swear a document outlining his assets could be set aside.

Mr McNamara owes the investors, who include Martin Naughton, Lochlainn Quinn and the Coolmore Stud, €62.5m over non-repayment of loans advanced to him and his company Donatex to help acquire the Irish Glass Bottle site at Ringsend in Dublin.

The settlement is confidential. Mr McNamara had previously indicated he did not wish 'unnecessary material' about his financial position being made public. He also said he was unable to pay the €62.5m.