Dublin accountant told to hand over €2 million home to building society

Thu, Mar 8, 2012, 00:00

A Dublin accountant was told yesterday to hand his €2 million family home at Brighton Road, Rathgar, 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 of repayments had reached €300,000 on February 1st.

Mr Phelan told Circuit Court president Mr Justice Matthew Deery he had been unable to meet agreed repayments of €12,000 a month. This had been due to HSE support for nursing home developments he was involved in having been put on hold.

Mr Donnelly told Mr Justice Deery that Mr Phelan had arrived in court with two cheques, one post dated, totalling €20,000. Even if they were honoured they would make a very small dent in the principal debt.

Mr Phelan, who was not legally represented, said he had become involved in nursing homes but financial aid for such schemes had been put on hold by the HSE.

Mr Justice Deery said he would lift a stay on the court’s possession order in favour of the building society. Mr Phelan had not made any payments since December 2010.

“I appreciate you are in financial difficulties and it is a stressful time for you and many people in the same situation. It is a family home and your children live there, but you have not put forward any sustainable grounds for believing the money is going to be forthcoming.”