A number of Dublin properties owned by solicitor Michael Lynn and one of his companies have been put up for sale in an effort to repay his debts to two banks.
Anglo Irish Bank and Bank of Scotland (Ireland) appointed a joint receiver to Proper T Capel in October, shortly after the Law Society started investigating Mr Lynn's legal practice. The receiver, accountant Martin Ferris, has begun putting the properties on the market in recent days in an effort to cover multimillion euro debts owed to the two banks.
In all, more than 30 houses, the bulk of them in Dublin, and a number of offices owned by Mr Lynn and his company will be put up for sale. Around five agents are selling the houses and apartments, which include rental properties in Dublin city centre bought by Mr Lynn or his company between March and July of last year.
Two houses on Bessborough Avenue, numbers 16 and 41, in North Strand, Dublin, are for sale with asking prices of €480,000 and €450,000 respectively. Savills Hamilton Osborne King is selling the properties. Another of Lynn's properties, 25 Carnew Street, a two-bedroom house in Stoneybatter, Dublin, has an asking price of €425,000 and is being sold by Branagan Estates. A two-bedroom apartment, at 55 Mountjoy Square, Dublin, is for sale for €315,000 with Mannion Auctioneers.
Mr Lynn said in a court affidavit filed in November that he or his companies owned 148 properties in Ireland and overseas, and had 154 bank accounts. Some 107 properties are in Ireland. He valued his assets, mostly properties, at €52.4 million.
Mr Lynn owes more than €80 million to at least 10 financial institutions and is at the centre of a multiplicity of court actions taken by the banks and the Law Society.
The solicitor was due to be cross-examined by the Law Society on his dealings on six properties over two days in the High Court last month but he failed to appear. The president of the High Court, Mr Justice Richard Johnson, made an order seeking his arrest.
The order is still in place. The society's case against Mr Lynn was adjourned last month until next Monday.
