Transfer to wife ‘was to defraud’

A businessman against whom AIB obtained a €3.48m judgement last March had transferred €820,000 and a property in the US to his wife with the intention of defrauding creditors, it has been claimed in the Commercial Court.

Transfer to wife ‘was to defraud’

Property developer Garech McGuinness, of Whispering Pines, Ennis, Co Clare, and his business partner Patrick Taylor, Moyreisk, Quin, Co Clare, had the judgement entered against them after a judge found they had not met the test necessary to establish an arguable defence to AIB’s claim for judgement arising out of default on loans.

Now, the bank says, between July 2013 and July 2014, Mr McGuinness transferred four sums totalling €820,926 to his wife, Justine McGuinness.

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