Classic cars to be sold for Byrne debts

A BENTLEY and two other classic cars owned by struck-off solicitor Thomas Byrne may be sold to help meet his legal and living expenses, the president of the High Court has directed.

Mr Justice Richard Johnson was granting an application by lawyers for Mr Byrne, who has multi-million debts to various financial institutions and others, to vary a court order freezing his accounts so the sale of the cars may proceed by his solicitor, acting as a receiver.

Seán Ó Siocháin, for Mr Byrne, said his client needed cash to pay a number of bills, including €75,000 for his solicitor and €65,000 for other matters. He said Mr Byrne’s solicitor would act as receiver in relation to the sale of the three cars.

Mr Byrne “has no means of income and the breakdown of his marital relationship means he has no marital home”, Mr Ó Siocháin added. He still had to support his wife and their three schoolgoing children and his wife needed to pay a €3,000 bill for car insurance and tax. There was also a need for weekly living expenses for electricity, food, travel etc.

The court also heard there was an injunction outstanding in the Commercial Court restraining Mr Byrne from disposing of his assets in relation to separate proceedings.

Shane Murphy SC, for the Law Society, said the variation order sought was a matter for the court but the separate issue in the Commercial Court was for Mr Byrne to deal with.

Meanwhile, in separate proceedings in the Commercial Court, Mr Justice Peter Kelly fixed October 20th to hear an application by IIB Bank plc for an order for possession of a property in Crumlin. The bank wants to sell that property to meet some of Mr Byrne’s alleged €9 million debt to it.

In a separate application before Mr Justice Johnson involving missing solicitor Michael Lynn, he gave permission to the Law Society for the transfer of €1,093,742 from Mr Lynn’s client account to the society’s compensation fund.

The money is to be used to compensate clients who had lodged money with him just before the High Court froze his accounts last October following an application from the society.

This article appears in the print edition of the Irish Times