Friday, December 14, 2007
BANK of Scotland, Permanent TSB and AIB have agreed to pool their resources in a bid to "follow the money trail" of fugitive solicitor Michael Lynn.
Mr Lynn, who was still at large last night after failing to appear at a court hearing on Wednesday, owes a total of €80m to more than 10 banks.
The co-operation agreement was reached after a number of banks met at Bank of Scotland's St Stephen's Green headquarters on Wednesday evening.
It is understood Bank of Scotland, Permanent TSB and AIB are among the banks who have formed an alliance. Bank of Ireland, which has a relatively limited exposure to Mr Lynn, is understood not to be involved.
"The one lesson that banks have learned from all this is the importance of them joining together," said one lawyer familiar with the Lynn case.
Mr Lynn's known assets include over 100 properties in Ireland as well as companies and bank accounts throughout Europe.
Land Registry documents show the banks have already moved on several of Mr Lynn's Irish properties, which now carry judgment mortgages and therefore cannot be sold without the bank's authorisation. Moving on the overseas assets, however, could prove more difficult due to the legal and bureaucratic complexities involved.
Posted by Southofdub at 10:03 PM