A DISPUTE between a solicitor and Bank of Ireland over the ownership and value of art, antiques, furniture and other contents of luxury homes in Dublin and London has come before the Commercial Court as part of the bank’s efforts to enforce a €75 million judgment.
The bank claims values of between €5 million and €7.5 million for art and antiques were previously provided to it in statements of assets of Brian O’Donnell and his wife for 2005 and 2006 and it has disputed Mr O’Donnell’s claims those values were a mistake and “ludicrous”.
It also disputes Mr O’Donnell’s claim that his children own the couple’s former family home at Gorse Hill, Vico Road, Killiney, plus the contents of that property, on foot of a trust.
Such claims were in keeping with other “incredible” evidence given by Mr O’Donnell when cross-examined by the bank, it alleges.
Mr O’Donnell claims he has been advised by an auctioneer that the value of the contents of Gorse Hill and another luxury property at London House, Barton Street, London (where the couple are living and which Mr O’Donnell claims is owned by a company, Vico Barton Ltd) are about €108,575 and £22,110 (€27,340) respectively.
The contents of Gorse Hill include a mahogany bookcase valued by Greene’s Antiques, Dublin, at €5,000; a 14-seater dining table and 14 Georgian chairs, valued at €6,400; several paintings valued between €80 and €4,500, and a bronze statue of a soldier valued at €2,500.
None of the contents of London House has been given a value exceeding a €1,800 valuation placed on a set of 12 dining chairs.
The dispute arises in an action by Bank of Ireland brought as part of its efforts to enforce judgment, now amounting to some €75 million, granted last year against Mr O’Donnell and his wife, Mary Patricia O’Donnell, over unpaid loans related mainly to property investments.
The bank cross-examined Mr O’Donnell last month as part of its efforts to recover the debt and has claimed some of his responses concerning his income and assets are incredible. The couple has applied for bankruptcy in the UK and the bank has also disputed their claims their centre of main interests is in London.
Mr Justice Peter Kelly agreed yesterday to adjourn until Thursday its application to have its proceedings aimed at securing possession of the contents of the Gorse Hill and London Street properties fast-tracked by the Commercial Court.
Lawyers for the couple and their four adult children indicated yesterday that they, and three companies, would continue undertakings not to dissipate the contents until the issue of the bank’s entitlement to a continuing injunction has been decided.
Martin Hayden SC, for the O’Donnells, said they would indicate on Thursday whether they intend to contest the court’s jurisdiction to hear the bank’s action over the contents of the properties. He said he would also take instructions on whether they would seek to oppose transfer of the case on grounds of delay.
Paul Gardiner SC, for the bank, said it had previously reached a settlement with the couple but they had failed to make agreed payments under that. The bank had asked them the whereabouts of art and antiques previously valued at €5 million and Mr O’Donnell had later referred to trusts having the effect of depriving the bank of recourse to any surplus from the sale of assets, Mr Gardiner said.
Mr O’Donnell had said there would be no surplus but, if there were, it would go to his children, not his creditors, he added.
