McFadden denies avoiding creditors

FINANCIER Niall McFadden has rejected a suggestion that he transferred his interest in his family’s home at Avoca Wood, Blackrock, Dublin, in a bid to avoid creditors.

He was being cross-examined about his assets in the High Court yesterday by counsel for National Irish Bank, John Hennessy SC, as part of moves to execute judgements of more than €15 million against him.

Mr McFadden said he transferred his interest in the family home to his wife in 2005. But counsel queried this, saying the transaction was recorded on January 22, 2009.

Mr McFadden said there was a delay over a consent issue but the bank had consented in September 2005. However, because no money was passing, his wife and their solicitor had just let the matter sit on the file.

He said he believed the transfer became effective in January 2006, after approval had been secured from the bank.

He said that, around 2005, his wife expressed concern that the number of transactions he was involved in might put the family home at risk. She told him she would deal with the family home and he could “go off and deal with your banking partners”.

The hearing continues on Monday.