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Friday 22 August 2014

High Court sets aside transfer of D4 apartment owned by musician Jim Corr

Bank claimed transfer was 'an attempt to prevent it recovering monies outstanding'

Published 30/05/2014 | 17:31

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THE High Court has set aside the transfer of a Dublin apartment owned by musician Jim Corr to a Maltese company which ACC Bank claimed was an attempt to prevent the recovery of monies owed to it.

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The orders were sought by ACC over the March 2011 transfer by Mr Corr of an apartment at The Shrewsbury Donnybroook Castle, Stillorgan Road, Donnybrook, to I&E Property Investments Ltd. 

ACC claimed the transfer was done in an attempt to prevent it recovering monies outstanding from  €1.4m judgment it secured against Mr Corr in February 2011.

In 2011, ACC obtained judgment against Mr Corr and another man, Liam Marks, over an unpaid loan advanced in 2004 to buy lands at Goresbridge, Co Kilkenny, which were later sold.

ACC recovered some €778,675 arising out of the sale of those lands.

ACC registered its judgment against Mr Corr against his interest in properties in Co Louth, Co Kildare as well as the apartment in Donnybrook. However in March 2011 Mr Corr transferred his interest in the apartment to I&E, which is based in St Julian Malta.

ACC was unhappy with the transfer and launched proceedings against Mr Corr and I&E Property Investments.

In its action, ACC claimed the transfer of the apartment was done with the intention to defeat and hinder creditors, such as the bank, in a bid to avoid the consequences of the judgment obtained against the musician.

ACC alleged that solicitors acting for Mr Corr, Adams Corporate Solicitors, Custom House Dock, Dublin, acted for I&E in the purported transfer of the apartment.

The transfer was also arranged through an Andorran registered financial consultancy, Walters & Karrer, of which a founding partner of Adams Corporate Solicitors, Mortimer Walters, is a director.

ACC sought various orders and declarations from the court including that the transfer of interest in the apartment was null and void.

Yesterday, when the matter briefly mentioned before the High Court, Mr Justice Paul Gilligan was informed Mr Corr had consented to the order.

Judgment was also granted against I&E in default of any appearance.

The Judge said he was satisfy to make a declaration rendering the transfer of the property null and void.

ACC says it is owed more than €850,000 by the Co Louth born musician, with an address Old Windmill House, Sharman Road, Crawfordburn in Northern Ireland, who shot to fame in the 1990's as a member of the band The Corrs.

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