Accountant must give €2m home to lender

An accountant has been told by a judge to hand his €2m family home at Brighton Road, Rathgar, Dublin, back to the ICS Building Society.

Barrister John Donnelly told the Circuit Civil Court there was an outstanding balance of €2,090,000 on Ken Phelan’s mortgage, and arrears had reached €300,000 on Feb 1 last.

Mr Phelan told the circuit court president, Mr Justice Matthew Deery, that he had been unable to meet agreed repayments of €12,000 a month. This had been due to HSE support for a nursing homes development he was involved in having been put on hold.