A report into the practice of a solicitor and property developer whose assets have been frozen by the Law Society because of concern about his property dealings disclosed "acts of dishonesty" by the solicitor relating to client monies, it has emerged before the High Court.
Michael Lynn, practising as Capel Law, is alleged to have taken out multiple mortgages on several properties with several major Irish banks, with alleged loan liabilities of more than Eu 26 million.
The Law Society's Regulation of Practice Committee expressed the view last week that a report of an investigation into Mr Lynn's practice disclosed acts of dishonesty by Mr Lynn in relation to client monies.
The committee decided that, "in order to protect client monies and to prevent any further misappropriation", immediate steps would have to be taken and directed that an application be made to the High Court.
Mr Lynn, who failed to attend before a meeting of the committee on October 9th last but was represented at that meeting by his solicitor Giles Kennedy, was in court today when the proceedings by the society against him came before the President of the High Court, Mr Justice Richard Johnson.
On the undertaking of Mr Lynn that he will not practice as a solicitor, Mr Justice Johnson said he would not suspend Mr Lynn's practising certificate. The judge said he wished to make very clear that his decision was being made solely because suspension of the practising certificate might cast doubt over whether Mr Lynn could avail of his total insurance cover of some €11 million to meet any claims against him.
The judge said he would not suspend until the insurance situation was clarified.