The home of missing solicitor Michael Lynn and his wife Bríd Murphy at Sandymount in Dublin is to be sold by public auction on March 11th, the Commercial Court heard yesterday. The court will then decide who is entitled to the proceeds of sale.
Ulster Bank, Bank of Scotland Ireland (BoSI) and Mr Lynn's wife, Bríd Murphy have all made substantial claims to the property at St Alban's Park ,while other parties have lesser claims.
Mr Justice Peter Kelly was told yesterday that the sides had almost finalised a list of issues to be decided by the court for the purpose of determining who had priority claim to the proceeds of sale.
Circuit Court proceedings by Ms Murphy against her husband regarding the house remain alive but could be "academic" depending on the court's decision, according to Larry Brennan, solicitor for Ms Murphy.
A solicitor for AIB, which holds a judgment mortgage over the property, asked to be kept informed of developments in the event that there may be monies remaining after the claims by Ms Murphy, BoSI and Ulster Bank were addressed. The judge remarked the solicitor was being optimistic.
BoSI claims it advanced a €1.2 million loan relating to the house at St Alban's Park and wants the court to declare that sum "well-charged" over the property. Ulster Bank is claiming that a €1.3 million loan advanced by it is "well charged" over the same property.
At an earlier hearing, the judge fixed May 27th to decide issues which will effectively determine who will get the bulk of the €4.9 million proceeds of sale of Glenlion House in Howth, the subject of alleged multiple mortgages by Mr Lynn. Mr Lynn and his wife had intended to use Glenlion as their family home, but it was sold at auction last month to meet some of the solicitor's estimated €80 million debts.
Also yesterday, the judge admitted to the Commercial Court list proceedings by National Irish Bank against Mr Lynn and against Fiona McAleenan, a solicitor in Mr Lynn's firm, of Betaghstown Wood, The Narrowway, Bettystown, Co Meath.
The proceedings relate to undertakings allegedly given by Ms McAleenan on March 2nd, 2007, relating to apartments at Bolton Court, Custom Hall and Westland Square, Dublin, to ensure that Mr Lynn had executed a mortgage deed/charge in favour of the bank over the properties.
In separate proceedings involving Mr Lynn yesterday, High Court president Mr Justice Richard Johnson ordered that the Law Society be notified of any dealings carried out by the liquidator of Mr Lynn's property firm, Kendar Holdings Ltd.
Shane Murphy SC, for the society, said notification had been agreed with the liquidator in the light of dealings between Mr Lynn's practice and the property company in 2007.
Mr Murphy said €13 million went to Kendar Holdings and €5 million came back to the practice which was located in the same building as the property company.
