O'Donnells failed to reveal income sources, says BofI
Property investors Brian and Mary Patricia O’Donnell, whose bankruptcy application in Britain is being challenged by the Bank of Ireland (BofI), have failed to reveal their sources of income, the bank has alleged.
The case – where the BofI wants the O’Donnells bankrupted in Ireland– is listed for hearing today in the High Court in London but could be held over until tomorrow.
In an affidavit, BofI executive Des Hanrahan has alleged significant gaps in the data provided by the O’Donnells about bank accounts. The couple had failed to provide full statements for one AIB business account for several dates, sometimes running up to months, between 2008 and this year.
They had also failed to produce statements for a HSBC account between May and July of this year, he stated in an affidavit produced for the case under way between the sides in Dublin.
No statements for a management account, listed as 1492, have been given between January 2008 and January 2011; May 2011 to August 2011 and May to July this year.
“[Bank of Ireland] is unable adequately to trace the defendants’ sources of income over the periods stated as it has not been provided with the necessary statements required to be discovered,” said Mr Hanrahan. The O’Donnells had been guilty of “flagrant breaches” of orders made by the High Court in Dublin, said Mr Hanrahan, a director of BofI’s specialist property group.
Statements provided for the HSBC account “are largely illegible to the extent that [Bank of Ireland] is unable to identify the bank in which the account is held”, he added.
The information as given appeared to show that Mr O’Donnell’s son, Bruce, had “a beneficial entitlement to additional accounts that he did not give evidence of, or disclose”, said Mr Hanarahan.
The O’Donnells appear to have received income from the sale of an office block on Washington’s Pennsylvania Avenue, even though Mr O’Donnell had said no payments were received.
Meanwhile, one of Mr O’Donnell’s creditors, Shale Construction, said it only discovered that he was planning a UK bankruptcy after it received notification from the Royal Courts of Justice.
The small family-run construction firm has a judgment in Dublin in its favour for €225,896, Shale director Declan Byrne stated in an affidavit.All of the Shale’s dealings with Mr O’Donnell were “in Ireland and at no time was Shale notified by Brian O’Donnell or any other party that he had moved to England”.