Tuesday 17 October 2017

O'Donnells stood down as Vico directors months ago

Donal O'Donovan

Donal O'Donovan

BUST property speculators Brian O'Donnell and Mary Patricia O'Donnell stood down as directors of Vico Capital, the company they used to build up a massively indebted €1bn global property business in December 2011, according to filings just made with the Companies Office.

Documents signed this week and filed with the Companies Office just days ago state that Brian O'Donnell ceased to be company secretary of Vico Capital at the end of last year.

A separate filing made in June states that both Brian and Mary Patricia O'Donnell stood down as directors of Vico Capital in December 2011.

The O'Donnells are being pursued through the courts for debts of €75m by Bank of Ireland, which is currently trying to block the couple's efforts to be declared bankrupt in the UK.

Controversially, the UK bankruptcy application was revealed during court proceedings under way in Ireland earlier this year. During the case it also emerged that assets in the Vico property empire had been transferred to trusts set up in the name of the O'Donnells' adult children.

Companies Office filings show that the current directors of the company are the couple's sons Blake and Bruce O'Donnell.

Twenty-six-year old Bruce O'Donnell joined the board on the December 7, 2011, the same day his parents stood down, the filings show.

Brian O'Donnell and Mary Patricia O'Donnell are set to return to court in London over the coming weeks in an attempt to convince the authorities there that, as UK residents, they are entitled to be declared bankrupt under the UK system, which is seen as being far more lenient than Irish personal insolvency.

Irish Independent

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