Bank resolves Sweeney assets dispute

BANK OF Ireland has told the Commercial Court it is satisfied Galway businessman John Sweeney had no intention to flout the bank’s €10 million judgment against him, to be duplicitous or to seek to divert monies from his creditors.

Mr Justice Peter Kelly yesterday noted the bank’s resolution with Mr Sweeney of various matters and also that the businessman had provided the bank with a statement of his assets, sought as part of the bank’s efforts to execute its judgment. Mr Sweeney had previously disputed the need for an application by the bank earlier this month for freezing or charging orders over his accounts. An interim freezing order obtained on April 1st was later discharged on Mr Sweeney’s undertaking not to spend more than €5,000 of his assets pending an adjournment of the proceedings for talks.

Yesterday, Mark Sanfey SC, for Bank of Ireland, said those talks had borne fruit and the matter was resolved.

Counsel said documents filed in the Companies Registration Office had given rise to justifiable concerns on the bank’s part about possible untoward activity but the bank had received a satisfactory response from Mr Sweeney and tax consultant Frank Brennan about those matters.

Mr Sanfey said the bank was satisfied there was no intention on the part of Mr Sweeney to be duplicitous, to divert money away from his creditors, including Bank of Ireland, to conceal information, to flout or defeat the court’s judgment, or to secretly enrich himself.

The parties agreed to resolve the matter on the basis that the freezing and charging orders sought by the bank on April 1st last were not required and on the basis of costs orders previously made also being vacated.

Rossa Fanning, for Mr Sweeney, said his client was very pleased the bank was not proceeding with its application for the orders.

Mr Sweeney, Bushy Park, Galway, had previously consented to judgment for just under €10 million in favour of the bank over unpaid loans.