Arrears of €2.5m on five Lynn properties

A COURT heard yesterday that five properties co-owned by rogue solicitor Michael Lynn have arrears of €2.5m owed on them.

The case came before Justice Elizabeth Dunne in the High Court on a day when orders granting the repossession of 15 separate properties were granted.

In the Lynn case, the order for repossession of five properties at Cluain Bui, Carrick-on-Shannon, Co Leitrim, is being sought by KBC Homeloans.

The court heard the properties appear unoccupied and the back door of one was found to be open.

While various parties had claimed an interest in the properties, many of those issues had been resolved.

Mr Lynn’s exact whereabouts are unknown and the court was told that a second named defendant, currently in Portugal, had emailed his legal representatives to state that he would provide detailed instructions regarding the case. The court heard this second named defendant had agreed with Mr Lynn that the solicitor would take on the properties. However, Mr Lynn has been a virtual fugitive in recent years after he borrowed huge sums of money from various financial institutions against a range of properties. Ms Justice Dunne put the matter back until October 18: “We are obviously not going to get much of a response from the first named defendant.”

In a different case, which has been adjourned until the autumn, a man who said he has received treatment for addiction was told that he has until October to make fresh arrangements over outstanding payments on a loan of €190,000 for a house which is still unfinished.

The man, who told the court he has a daughter with special needs, said he had entered treatment for addiction at the end of 2008, claiming: “I am only starting to get my life in order now.”

Arrears on the loan from Start Mortgages stand at €36,353 and counsel for the plaintiff said an offer of first €80 a month and then €80 a week were deemed unrealistic. Ms Justice Dunne said the matter would come back before the court on October 16.

An order for repossession was granted to Allied Irish Banks Plc, which said €51,000 was outstanding on the principal, in addition to interest arrears.

A repossession order was granted on a property in Co Louth where Bank of Ireland was plaintiff, and on two properties in Co Wexford.

An order for repossession was also granted involving 62.5 acres of non-agricultural land in Co Waterford.

In a case that had come before the court on nine previous occasions where the total outstanding was almost €157,000, a repossession order was granted to GE Capital Woodchester Homeloans.

Start Mortgages were granted repossession of an unoccupied property in Co Cork with arrears of €26,443.

A repossession order was granted to AIB Mortgage Bank on two bungalows described as vacant and derelict in Co Galway, where €292,000 was now owed. Just 17 monthly payments had been made since 2004.


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