Ulster Bank has claimed the transfer of property valued at some €2.3 million from a Co Dublin businessman to his wife was made in an effort to frustrate its efforts to secure repayment of some €3.6 million by him.
Due to delays by the bank in advancing its proceedings against Noel and Vivienne Browning, Fleenstown, The Ward, Co Dublin, Mr Justice Peter Kelly yesterday refused its application to fast-track the proceedings in the Commercial Court, so it will now proceed in the ordinary High Court list.
The disputed property transfer occurred in May 2011 and the bank said it became aware of it from a statement of assets provided by Mr Browning for proceedings before the Master of the High Court last November, where the bank obtained liberty to enter final judgment against him for €3.6 million. That order of the Master has been appealed.
In default of payment of that €3.6 million sum, the bank wants orders setting aside the property transfer and/or orders permitting the sale of any properties of Mr Browning held by himself or his wife.
It also wants declarations that any proceeds of any sale of properties following the transfers are held in trust for the bank.