O'Donnell children contest appointment of receiver
THE four adult children of solicitor Brian O'Donnell are challenging the appointment of a bank receiver over their luxury home in Killiney.
Bank of Ireland is seeking to enforce a €71m judgment obtained by it against Mr O'Donnell and his wife Dr Mary Patricia O'Donnell arising from unpaid loans.
The Commercial Court heard that the bank claims the children are not in lawful occupation of the property at Gorse Hill, Vico Road, Killiney.
Alexandra, Blake, Bruce and Blaise O'Donnell are challenging the appointment by the bank of a receiver and manager over Gorse Hill on June 7, 2012.
According to a previous statement of net worth from the couple, the property was valued at €30m in 2006 but now has an estimated worth of between €6m and €7m.
The children are also challenging mortgages and guarantees entered into in 2006 by Vico Ltd, the Isle of Man trust company which owns Gorse Hill.
The children argue Gorse Hill has been owned for several years by the Vico trust company, of which they are the beneficiaries, and they also claim the bank was well aware the trust, not their father, was the owner of the property.
In their action before Mr Justice Brian McGovern, the children claim the trust was set up about December 1997 and the Gorse Hill property was put into it some years later, prior to the loans at issue between their parents and Bank of Ireland.
While the bank had accepted statements of net worth from their father, which referred to Gorse Hill as his property, the bank was aware the trust owned the property, they allege.
In opposing the action, the bank contends Vico Ltd had provided Gorse Hill as security for loans advanced by the bank to Brian and Mary Patricia O'Donnell and the children never had any legal interest in the property. On those and other grounds, it argues it was entitled to appoint a receiver.
The case, listed to run for six days, continues.