O’Donnells lose battle to stop home being repossessed
The bank is prepared to allow the children remain in the house at Gorse Hill, Vico Rd, until the end of September before exercising its right to possession of the property, Cian Ferriter SC, for the bank, told Mr Justice Brian McGovern after the judge dismissed the children’s case.
The bank considered this a reasonable time given the children had been in unlawful occupation of the property for some time, counsel said. The bank would also be pursuing a claim for damages.
It is understood lawyers for the children will seek to appeal Mr Justice McGovern’s rejection of their case to the Supreme Court. None of the children were in court yesterday.
The bank, which is seeking to enforce a €71m judgment against Brian O’Donnell and his wife Dr Mary Patricia O’Donnell, had argued it was entitled to possession of the property on foot of securities provided over loans made to the couple.
The property, a house and three and a half acres, is now said to be worth between €6-€7m although it was valued at €30m in 2006.
Bank of Ireland secured judgment against the O’Donnell parents at the Commercial Court in Dec 2011 over unpaid loans after a settlement reached between the sides broke down.
In their action, Blake, Blaise, Bruce and Alexandra O’Donnell alleged they are the legal and beneficial owners of Gorse Hill, the bank has no valid claim to it and the court should discharge Tom Kavanagh as the receiver appointed by the bank over the property. They also sought damages.
The house and three and a half acres at Gorse Hill are owned by Vico Ltd, an Isle of Man company, and the shareholding of Vico Ltd is owned by a discretionary trust set up in 1997 by the O’Donnell parents in favour of their children.
The dispute centred on whether Gorse Hill was an asset of the trust legally and beneficially owned by the children.
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