Banks seek to recoup €9.8m from Lynn

Ulster Bank is to apply to the Commercial Court on Wednesday for orders requiring solicitor Michael Lynn to repay to it loans…

Ulster Bank is to apply to the Commercial Court on Wednesday for orders requiring solicitor Michael Lynn to repay to it loans of about €6 million.

The court will also deal with an application by ACC Bank for judgment of €3.8 million against Mr Lynn and his wife, Brid Murphy, arising from a loan granted for the purchase by the couple of a house in Howth, Co Dublin.

Mr Justice Peter Kelly today rejected an application by Patrick O'Reilly BL, for Ms Murphy, to treat her loan for the purchase of Glenlion House, Thormanby Road, Howth, as a non-commercial mortgage.

Counsel said the couple had intended that the house would be their family home.

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The Law Society has closed Mr Lynn's practice, Michael Lynn & Company, and is still investigating his affairs. It has to date secured information about 78 properties concerning which Mr Lynn was a borrower of funds.

Mr Lynn is alleged to have taken out multiple mortgages over a large number of properties and his liabilities have been estimated at up to €70 million.

Meanwhile, solicitor Thomas Byrne was ordered by the Commercial Court to repay more than €8 million to Bank of Scotland (Ireland) and National Irish Bank.

He has now been ordered to repay around €40 million to various banks.

Mr Byrne is being pursued by several banks for allegedly taking out multiple mortgages on the same properies.

His practice, Thomas Byrne & Company of Walkinstown Road, Dublin, has been closed by the Law Society.