Alan Hynes faces court battle over Goldman debt

Disgraced accountant Alan Hynes faces a High Court battle with US bank Goldman Sachs next month over a €7.5 million debt.

Mr Hynes was recently barred from the Institute of Chartered Accountants following complaints from investors who lost more than €18 million on his property ventures.

Following a ruling by Mr Justice Brian McGovern on Wednesday, Goldman Sachs-controlled Ennis Property Finance will seek judgment against the Wexford accountant and his wife Noreen for €7.5 million on May 25th.

The case is expected to take at least four days. Mr Hynes was not in court on Wednesday but has indicated that the couple are denying the claim and intend to defend the case. They have represented themselves in court and by Wednesday did not appear to have hired lawyers.

They originally borrowed the money from Bank of Scotland for property deals in Dublin and Wexford. The bank began legal action for repayment in September 2014. Goldman bought the debt from the lender early last year.

Challenge to ruling

It also emerged that Mr Hynes intends to bring a High Court challenge to last year’s ruling by the Chartered Accountants’ Regulatory Board excluding him from the Institute of Chartered Accountants.

One of the issues with which the court was dealing on Wednesday was Mr Hynes's motion to involve a number of other parties in Ennis's case. These included AIB, which has a judgment against him for €2 million, but which Mr Hynes is suing; and Neil Hughes, the liquidator of a Hynes company, Tuskar Asset Management. The judge struck out this motion and criticised Mr Hynes for failing to turn up.