An injunction restricting Patrick (Paddy) Byrne, former director of Victoria Homes Ltd, from dissipating personal assets below €605,536, arising from the sale of his mansion-style home in Co Kildare, was lifted in the High Court today after he had given an undertaking to set aside the money.
Barrister Michael Connolly told Mr Justice Liam Kennedy that an agreement had been reached between Byrne and Aidan Garcia, the appointed liquidator to Victoria Homes, whereby €605,536 arising from the sale of Oldtown Manor, Oldtown, Athgarvan, Co Kildare, would be lodged to the account of Byrne’s solicitor.
Mr Connolly, counsel for the liquidator, said a second court order directing Byrne to disclose all bank accounts in Ireland or worldwide in which he had any direct or indirect legal or beneficial interest, could also be lifted.
The restraining injunctions and court directions had been granted by Judge Kennedy against Byrne following the proposed sale of Byrne’s Oldtown Manor home which, Mr Connolly had previously told the court, had an estimated value of €2.75 million.
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Mr Connolly, who appeared with William Fry Solicitors, had earlier told Judge Kennedy that it had come to the notice of the liquidator, Mr Garcia, that Byrne intended to sell Oldtown Manor.
The court heard that Byrne was the registered owner of Oldtown Manor and, although Byrne claimed he was not the beneficial owner, no evidence had been provided to substantiate this claim.
Judge Kennedy had been told that Byrne was claiming Victoria Homes had ceased trading in 2020 but Mr Gardia had highlighted company transactions that had taken place since that time. These, he said, included payments out of a significant company loan to Byrne as well as a company payment of €80,000 rent (to his mother) and €72,000 for the purchase of a Range Rover by the company for his personal benefit.
Rather than engaging with the liquidator, the court had been told Mr Byrne had adopted the attitude that “when the time arises, it can be clarified in court”.
Mr Connolly, making the earlier applications ex parte, said the liquidator feared that the proceeds from the sale of Oldtown Manor could be dissipated below the €605,536 being claimed as due from Byrne to Victoria Homes.
Judge Kennedy struck out the previous court orders on foot of the undertaking by Byrne, who was legally represented in court.
