Financier McFadden appears before Commercial Court

Troubled financier Niall McFadden is being quizzed about his finances in the Commercial Court by National Irish Bank arising from a €15m judgment against him.

The former banker has total liabilities of around €85m, and is trying to stave off bankruptcy proceedings initiated in London by his biggest creditor Anglo Irish Bank.

NIB secured judgment against Niall McFadden for €15m when he did not pay, they went back to court looking to cross-examine him on his assets and liabilities.

The matter was settled last March but since then the agreement has not been implemented and the bank today secured the right to quiz the father-of-three, based in London, about his finances.

He was questioned about his involvement in 10 or so businesses in the Boundary Group, with Judge Peter Kelly asking if this maze or web of companies were set up for tax avoidance.

The financier was also asked at length about contracts he had entered into with himself as a director of one of the companies with nothing set out in writing, with the judge describing it as "all rather fishy".

He will be questioned again tomorrow.