Fears developer is transferring properties to wife

BANK of Ireland has said it has “significant concerns” that a Cork property developer it is pursuing for €8.9 million over unpaid loans has transferred some 13 properties to his wife.

James Doherty, for the bank, raised its concern over the transfers when seeking yesterday to admit to the Commercial Court proceedings against Patrick Murphy, Falcon Hill, Lovers Walk, Cork, in which the bank is seeking summary judgment orders for some €8.89m.

Counsel for Mr Murphy said he needed time to take full instructions, but his side believed there was a bona fide defence to the claim arising from the nature of the loan transaction.