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BoI boss first to register a judgment linked to Lynn

Bank of Ireland's UK corporate banking boss has succeeded in registering the first recent judgment against a company connected to embattled solicitor Michael Lynn.

Mr Lynn is embroiled in as many as 50 separate legal cases, as big banks struggle to recoup debts totalling €70m.

A handful of banks, including Bank of Ireland, have been granted multi-million euro judgments against the solicitor and connected firms in recent weeks. But banker Brendan Gilmore has beaten off the crowds to become the first person to actually register a judgment against a Lynn company in recent times, based on an order granted ahead of the posse on November 5.

The early registration of the judgment means that Mr Gilmore's debt will take precedent over other charges subsequently registered against the same Lynn firm.

Speed

"He certainly has moved with remarkable speed on this one," noted one lawyer.

"All the attention has been on the big guys, but he's gotten in ahead of them all."

Court filings show Mr Gilmore's judgment was granted by the Dublin District Court on November 5, before being subsequently registered with both the Registry of Deeds and the Company Registration Office.

The judgment was in respect of just under €4,500 plus costs of about €1,000 and was made against Mr Lynn's property development firm Proper T Capital.

"I can confirm that you have the correct Brendan Gilmore," Bank of Ireland's UK corporate head told the Irish Independent yesterday. "This is a personal matter and has nothing to do with the Bank of Ireland," he added.

Earlier this week, Bank of Ireland itself secured a judgment for €2.76m against Mr Lynn, which is expected to be registered in the coming weeks.

Mr Gilmore's judgment was secured against a property, 22 Shelbourne Park Mews, Ringsend Road, Dublin, and is linked to a contract signed by Mr Gilmore and Mr Lynn on December 4, 2006.

Mr Gilmore declined to comment further on the details of the case, while Mr Lynn failed to return calls to his mobile phone.

"[A figure of] €4,500 doesn't sound like that much, but that's the amount of interest that was owed, so it's probably linked to a much bigger deal," said one solicitor.

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"With a judgment of that size, you'd be unlikely to see the plaintiff pushing for the property (22 Shelbourne Park Mews) to be sold, but when a larger creditor pushes for it to be sold he'll be there in the queue to collect his money," said one lawyer.

Legal sources speculated that Mr Gilmore's case was likely to have begun before stories about Mr Lynn broke this autumn, as such cases usually have a lead in time of several months.

Several other smaller creditors of Mr Lynn are expected to pursue similar cases.

"Lynn isn't exactly in the business of contesting things these days, it looks as if he wasn't involved in this Gilmore case at all, so smaller parties could get their judgments through the district courts quite quickly, whereas larger cases can take longer," said one lawyer.

"When it comes to registering judgments, it's a race to the Companies Office, the ones who get in early are the ones who get paid."


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