A Commercial Court action in which AIB sought to overturn a businessman’s transfer of lands in Co Kildare to his wife has been settled.

The bank had claimed the transfer was a fraud on creditors and an attempt to frustrate its efforts to secure repayment of a €6.7 million judgment obtained against Raymond Nolan and another man.

AIB sought orders setting aside the February 2009 voluntary transfer of the lands by Mr Nolan to his wife.