ALLIED IRISH BANKS has claimed a businessman transferred lands in Co Kildare to his wife in an effort to frustrate the bank’s efforts to secure repayment of €6.7 million loans given to him and another man.
The lands include 20 acres at Brownstown, Kilcullen, valued at €6 million in 2006 but now believed to be worth less than €1 million.
In proceedings admitted to the Commercial Court yesterday by Mr Justice Peter Kelly, AIB is seeking to set aside the voluntary transfer last February of lands by Raymond Nolan to his wife, Helen, The Orchard, Carnalway, Kilcullen.
The bank obtained judgment on consent yesterday against Mr Nolan and Edward Kinirons over unpaid loans. It claims the transfer is an effort by Mr Nolan to move assets beyond the reach of the bank.
AIB claims Mr Nolan twice told its officials at a meeting last January the lands were owned by him before he later conceded at the same meeting he had transferred lands into his wife’s name.
Bill Doyle, senior lending manager with AIB, said this information only emerged from Mr Nolan after “searching questions” from Mr Doyle based on information obtained from searches that confirmed the land transfers.
He said Mr Nolan also confirmed that 55 acres of agricultural lands in Co Kildare were transferred into the joint names of himself and his wife.
No reason of substance had been provided by the Nolans for the transfer and he was driven to the view the “only rational explanation” was to move assets away from the reach of the bank.
In separate proceedings later yesterday, Mr Nolan and Edward Kinirons, Ladytown Stud, Naas, both consented to judgment orders for €6.7 million against them over the failure to repay loans advanced in March 2009 which refinanced a previous loan of 2006 for the purchase of 2.83 hectares of land at Naas Road, Kilcullen, zoned industrial and warehousing.
In its “companion” proceedings against the Nolans over the land transfers, AIB claims the lands at issue were declared to be part of Mr Nolan’s net worth at the time the loan was applied for in 2006.
AIB claims its security for the loan included a charge over the 20 acres at Brownstown, then in the name of Raymond Nolan, and a charge over the lands at Naas Road, Kilcullen.
Mr Nolan had in June 2006 provided a statement indicating his net worth was €15.5 million, and included among his assets the Brownstown lands, accompanied by a valuation of €6 million.
The bank says it was in those circumstances the bank agreed to give a loan of €5.1 million to Mr Nolan and Mr Kinirons to buy the Naas Road lands.
That facility was refinanced under the €6.7 million facility of March 2009.
