The Commercial Court has heard a Dublin solicitor’s business interests have suffered untold damage as a result of a legal action by Bank of Ireland to recover nearly €70m in unpaid property loans and guarantees.
The bank is looking for summary judgment against Brian O’Donnell, whose practice does work for Nama, and his wife Dr Mary Pat O’Donnell of Gorse Hill, Killiney, Co Dublin.
Brian O’Donnell calls himself as one of Ireland’s leading corporate lawyers. Judge Peter Kelly referred to the description three times during today’s hearing.
Bank of Ireland is chasing Mr O’Donnell and his wife Mary Pat for unpaid property loans and guarantees of nearly €70m.
Outside of these liabilities, the couple and their three companies have total borrowings of around €800m.
In his defence, Mr O’Donnell claims the bank had said it would be flexible in its arrangements and had waived its rights by letting interest on the debts roll over.
But Senior Counsel Paul Gardiner for Bank of Ireland claims what Mr O’Donnell actually means by flexibility is that the bank must do what he says and not look for the money until the couple can repay it.
The case will resume tomorrow.