The Dublin county sheriff has seized a boat worth about €200,000 from Dublin solicitor Thomas Byrne in an effort to repay a €3 million debt owing to National Irish Bank.
John Fitzpatrick, the sheriff, took possession of Mr Byrne's cruiser, Black Magic, at its berth in Dún Laoghaire, Co Dublin last Friday on the back of a court order obtained by National Irish Bank (NIB).
NIB secured a judgment for €3.265 million against Mr Byrne in November. The boat is still in the water at Dún Laoghaire and will be sold by the sheriff's office through a boat broker in an effort to pay off some of the money owing to the bank. The bank and the sheriff declined to comment.
Mr Byrne has valued the cruiser, which is more than 10 years old, at about €200,000 in a court affidavit, but it is unlikely to fetch this amount as it will be sold in a fire sale without any guarantees or indemnities. Black Magic was originally berthed at Malahide but it was later moved to Dún Laoghaire.
The sheriff can make a seizure on receipt of a court order relating to a debt. Under an order the sheriff is directed to seize any "goods and chattels" belonging to a debtor to recover part or all of the debt. The order was secured by NIB's parent company Danske Bank.
Mr Byrne's address on the order was listed at Walkinstown Road, where his legal practice is located. The sheriff is expected to push for an early sale as the boat is incurring berthing fees in the harbour.
This is the second sheriff seizure of goods owned by Mr Byrne over his debts. The Dublin city sheriff, Brendan Walsh, seized items including a 50-inch Bang & Olufsen plasma screen television and a rug from Mr Byrne's apartment on Lad Lane, off Baggot Street in Dublin, on Tuesday, January 8th. None of the goods seized are likely to reduce Mr Byrne's debts considerably. He owes more than €40 million to various financial institutions. The Law Society has closed down his legal practice and he is being investigated by the society and the Garda.
Papers in a legal case taken against him by EBS Building Society were referred to the Garda Bureau of Fraud Investigation by a High Court judge.
The Dublin county sheriff received another court order in November directing it to recover goods relating to a debt of €5,916 owed to a couple by Michael Lynn, the other solicitor being sued by the banks.
Mr Lynn's address on the order was listed at an office in Blanchardstown where his legal practice was located before it moved to the Capel Building in Dublin 7. The sheriff was unable to recover any goods owned by Mr Lynn as he could not find any within his bailiwick.