A legal action against Kingspan co-founder Brendan Murtagh and two other businessmen, aimed at recovering loans of €31.5 million given to two companies for the development of lands in Cork, has been adjourned.

The Commercial Court was told yesterday that an agreement had been reached "in principle" with two of the defendants.

Mr Justice Peter Kelly was told the Educational Building Society had reached an agreement in principle with Greg Coughlan, Kinsale, Co Cork, and Mr Murtagh, Kingscourt, Co Cavan.