Paintings to pay bank debt

Several paintings from an important Irish art collection have been given to a bank to be sold to pay off a €2

Several paintings from an important Irish art collection have been given to a bank to be sold to pay off a €2.5 million debt owed by former Bula mining company director Richard Wood, the High Court heard yesterday.

It had been agreed the paintings will stay in the country, the court was also told.

Last July, the court gave Mr Wood three months to come up with "concrete propositions" for the sale of lands to meet his debts or face an order requiring him to hand over the works of art.

National Irish Asset Finance Ltd, formerly Northern Bank Finance Corporation, had sought an order that Mr Wood and Barryscourt Ltd deliver up to the bank art works and furniture which were the subject of a bill of sale in the 1980s and a debenture in the 1990s.

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Yesterday, Ms Justice Elizabeth Dunne was told "an agreed number of paintings" had been given to the bank for sale and the parties agreed the art would stay in the jurisdiction.

John Gleeson SC, for the bank, said it was to be given €2.5 million out of the proceeds and a further sum of €139,375 in interest was also to be paid.

Mr Gleeson asked Ms Justice Dunne to complete the order giving effect to the delivering up of the paintings and he sought an adjournment for a month to allow it to be implemented.

The collection, which includes works by James Arthur O'Connor, Paul Henry and Louis Le Brocquy, together with antique furniture and sculpture, may be worth €6 million.