Bank disputes claim that shares were held for Blake O'Donnell

This report is a localnews.ie summary based on public court reporting and records; sources are listed below.

Bank of Ireland obtained an emergency High Court order preventing retired solicitor Brian O'Donnell from dissipating an estimated £6 million sterling (€7.7 million) expected from a London commercial property sale. The proceedings were reported on 19 February 2016.

The bank applied ex-parte, with only one side represented, to Mr Justice John Hedigan. The judge returned the matter to the following week.

Cian Ferriter SC, for the bank, said the O'Donnell parents had previously told the bank they owned Columbus Courtyard through a UK firm whose shareholdings ultimately resided in the British Virgin Islands company Haversgate. They later claimed the Haversgate shares were held in trust for their son Blake. Counsel said the bank alleged this was a sham designed to defeat its €70 million claim.

Counsel said the bank had learned from a UK auctioneer's website that the £132 million sale was under offer. He said only around £6 million was expected to reach the O'Donnell companies because of substantial debts to other lenders.

The report said the bank feared proceeds would pass to three BVI-registered companies and beyond its reach. Their directors were the couple's adult sons, Blake and Bruce. The bank was taking separate proceedings against those companies and considered existing undertakings concerning the BVI interests insufficient.

The judge refused the bank's request to restrain publication until the following Wednesday. He allowed a restriction until 9pm on 18 February 2016 so the BVI proceedings could take place earlier that day.

The bank had secured a €70 million judgment in 2011 against Brian O'Donnell and his wife Mary Patricia over property investment debts. The couple were declared bankrupt in December 2013.

This report covers an earlier stage of the case. Later developments are not reported here.