Accountant ‘can but won’t pay debts’

ANGLO Irish Bank has claimed a chartered accountant with an estimated net worth of €10 million can but won’t pay a debt of €650,000 to the bank.

After the Commercial Court heard yesterday that Anglo has no security for its loans to Bryan Phelan, Mr Justice Peter Kelly remarked: “More fool the bank for lending with no security.”

Anglo has brought proceedings against Mr Phelan, of Ardilea Wood, Ardilea, Dublin 14, and carrying on business at Orchard House, Clonskeagh Square, Dublin 4, seeking to recover sums of €525,884 and stg£97,107 (€114,596), plus interest, under a loan facility of 2006.