Valuers working for Bank of Scotland (Ireland) and Anglo Irish Bank will this week set about valuing a portfolio of about 40 Irish properties controlled by Michael Lynn, the Dublin solicitor whose assets have been frozen at the request of the Law Society.
Bank of Scotland and Anglo Irish Bank have appointed Martin Ferris of Ferris & Associates as receiver to Mr Lynn's property business.
For now, the receiver is expected to focus on Mr Lynn's Proper T Capel company, which has a portfolio of about 40 properties, most of which are in Dublin.
Some of the properties are in the west of Ireland, with the company also thought to have property in Donegal.
It is unclear at this stage how much Bank of Scotland and Anglo Irish Bank are owed by Mr Lynn, or how much of their total exposure is secured on assets.
Some clarification on this is expected today when papers are lodged in court in connection with the matter. Further details on Mr Lynn's extensive property portfolio are also expected to emerge.
Mr Ferris could not be reached for comment yesterday.
Mr Lynn owes at least seven lenders more than €26.3 million in borrowings drawn down for property transactions since the start of this year alone.
It has been reported that banks' collective exposure to Mr Lynn's business could amount to €50 million.
A Law Society investigation into the solicitor's affairs found that Irish Nationwide was owed most, followed by Permanent TSB, Ulster Bank and National Irish Bank.
