IBRC liquidators seek to reverse asset transfer

The liquidators of the Irish Bank Resolution Corporation (IBRC) have initiated proceedings to reverse an asset transfer between former Anglo director Tom Browne and his wife Diane.

It is understood the proceedings, lodged in the High Court this week, involve the couple’s family home on Brighton Road, Foxrock, in Dublin.

Files in the Registry of Deeds show Mr Browne transferred his interest in the home to his wife in March 2008.

Separate proceedings taken some years ago by the IBRC in relation to alleged debts of approximately €50 million owed to Anglo by Mr Browne, are on hold for legal reasons related to proceedings involving other parties.

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Mr Browne was Anglo’s former head of Irish operations and at one stage was considered a likely candidate for the position of chief executive at the bank.

He subsequently set up up a corporate and debt advisory business, LeBruin Private, with Cathal FitzGerald, also formerly of Anglo.

Efforts to contact Mr Browne were unsuccessful. A spokesman for IBRC liquidators Kieran Wallace and Eamonn Richardson, said they were not commenting.

In an entirely separate case a ruling is being awaited in the Commercial Court in a case where Promontoria (Aran) Ltd is seeking a summary judgment order against Mr Browne and former senior AIB executive John Hughes.

The order being sought is for €3.35 million. Mr Hughes is a former head of business banking with AIB, Eyre Square, Galway. The defendants have said they have an arguable case and that the issue should not be decided on a summary basis. Promontoria is a subsidiary of US group Cerberus, which has bought loans from Ulster Bank.