Relieved Corr settles €1.4m debt dispute with ACC
MUSICIAN Jim Corr settled his long-running debt dispute with ACC Bank minutes before he was due to be quizzed about what happened to more than €4m he once held in his bank accounts.
The guitarist, the only male member of sibling pop group The Corrs, submitted an 11th hour proposal to ACC yesterday morning – moments before he was due back in the witness box.
Mr Corr – who told the Commercial Court in May that his financial affairs were "in a state of freefall" and "chaotic" – had amassed multi-million euro debts following the collapse of an investment business partnership.
But yesterday Mr Corr, who is a well-known conspiracy theorist and has claimed in the past that the September 11 attacks were an "inside job", made a proposal to ACC regarding his outstanding debts.
The terms of the deal between the two sides was not disclosed to the court.
Outside court, he said: "I am just relieved this part is over and I am looking forward to getting back to doing what I do best – making music."
The father of one had come under intense pressure in recent months to outline his financial affairs after ACC accused him of selling a property in order to put it out of reach of the bank.
During previous proceedings, Mr Corr told the court he was trying to protect his and his family's interests when he sold off a mortgage-free Dublin 4 apartment for €350,000 shortly after ACC got a €1.4 million judgment against him.
The judgment arose out of an unpaid loan for the purchase of 94 acres in Kilkenny, one of a number of properties he had bought as part of a business partnership.
"I was trying to protect my finances as best I could on behalf of my son because I recognised I was in dire straits," he said.
He was put under intense questioning when he first appeared in May and was due to answer more questions today, including about what happened to some €4m ACC says was held in his various bank accounts six years ago.
As the cross-examination was about to resume yesterday, barrister Bernard Dunleavy, for ACC, asked for a few minutes to allow the sides to address all matters.
Mr Dunleavy later told the court that the parties had reached an agreement.The case was then adjourned until 2pm today.
During his cross-examination last May, Mr Corr was asked a number of times by Mr Dunleavy whether it was just a coincidence or a deliberate effort to make sure the bank did not get possession of the mortgage-free apartment at Donnybrook Castle, Dublin 4, that was sold a month after the February 2011 judgment even though it had been on the market since 2008.
Mr Corr said he was trying "to sell everything" from a significant portfolio of properties that he had built up with his former partners Liam and Phillip Marks.
Mr Corr said he was trying to protect his son as his finances had been "devastated mainly due to the actions of my former (business) partner".