Businessman transferred €2m property to wife to avoid loan repayment, claims bank in court
ULSTER Bank has claimed the transfer of €2.3m property from a Dublin businessman to his wife was made in an effort to frustrate its efforts to secure repayment of some €3.6m by him.
Due to delays by the bank in advancing its proceedings against Noel and Vivienne Browning, Fleenstown, The Ward, Co Dublin, Mr Justice Peter Kelly yesterday refused its application to fast-track the proceedings in the Commercial Court. The case will now proceed in the ordinary High Court list.
The bank says it became aware of the property transfer, which occurred in May 2011, from a statement of assets provided by Mr Browning for proceedings before the Master of the High Court last November where the bank obtained liberty to enter final judgment against him for €3.6m. That order of the Master has been appealed.
In default of payment of that €3.6m, the bank wants orders setting aside the property transfer and/or orders permitting the sale of any properties of Mr Browning held by himself or his wife.
It also wants declarations that any proceeds of any sale of properties following the transfers are held in trust for the bank.
In an affidavit on behalf of Ulster Bank Ireland Ltd, it is alleged the property transfer was made with the apparent intention of defeating the lawful claims of the bank as a creditor of Mr Browning.
It was also alleged neither Mr Browning nor his wife had explained the reasons for the transfer although Mr Browning claimed it was done under a family agreement and for "no consideration".