Lynn fails to reveal location of all title deeds

Solicitor Michael Lynn has failed to reveal where title deeds for a large number of his 107 Irish properties are, according to…

Solicitor Michael Lynn has failed to reveal where title deeds for a large number of his 107 Irish properties are, according to the court affidavit he filed on Monday.

Mr Lynn, whose Dublin practice has been closed by the Law Society and who is being pursued for multimillion euro loans by at least 10 financial institutions, listed 148 properties or sites in Ireland, Europe and the US and 154 bank accounts. Mr Lynn's assets are worth an estimated €52.4 million, according to the affidavit.

Mr Lynn's known liabilities to financial institutions now stand at €79 million but his debts could rise further given that he has other bank borrowings and his property business, Kendar Global, has taken deposits from investors on overseas properties.

According to Mr Lynn's affidavit, of the 107 Irish properties, 30 title documents are held by the Law Society, 22 are with legal firm Matheson Ormsby Prentice and 12 are held by First Active. He did not provide details on the location of the title documents for most of his other properties.

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Matheson Ormsby Prentice is representing a receiver who was appointed over some of Mr Lynn's properties by two banks last month. First Active is owed €7.5 million by Mr Lynn.

Mr Lynn took multiple mortgages from several institutions on the same properties by failing to register the securities on the loans as he had undertaken to do in the loan agreements.

It has also emerged that solicitor Barry Lyons of Dublin firm Lyons Kenny is suing Mr Lynn for failing to honour an undertaking given during the conveyancing of four properties in Carrick-on-Shannon, Co Leitrim, dating back to December 2003. Mr Lyons, who carried out the conveyancing of the properties on Mr Lynn's behalf, issued a writ against him last month. His case is due to be heard by the High Court today.

Mr Lynn was ordered by the High Court yesterday to repay €7.127 million to Anglo Irish Bank. Mr Justice Peter Kelly granted summary judgment for €7.127 million, including interest, plus costs.

Gabriel Gavigan, for Mr Lynn, said he was not opposing judgment in the principal sum of €7.07 million but that was not to be taken as an acceptance of what was in the bank's affidavits.

The bank said the debt arose from loans provided to Mr Lynn's Proper T Capel firm. The loans were guaranteed by Mr Lynn and were repayable on demand, it was claimed. The bank demanded repayment last month but to date no money had been paid, it said.