Bank of Ireland has resumed cross examining former solicitor Brian O'Donnell about his assets as part of its effort to recover more than €70m owed to them by Mr O'Donnell and his wife.
Mr O'Donnell was previously cross examined by the bank for four days in April. The bank described many of his responses at that stage as untrue and lacking credibility.
An application made by Mr O'Donnell to have his further cross examination adjourned was rejected by the Commercial Court this morning.
Mr O'Donnell argued that the bank could not "have its cake and eat it" by trying to make him bankrupt while at the same time pursuing him to recover the money.
He said these proceedings and all other proceedings against him and his family in Ireland should be adjourned pending the outcome of bankruptcy proceedings. He said this is what would be done in England.
Mr O'Donnell added that he had been in the witness box for four days under threat of punishment if he did not attend. He had attended in very difficult circumstances and wished to point out that he had come to court again today.
Mr Justice Peter Kelly said there was no legal precedent for such an adjournment in Ireland.
He said the bank was concerned that Mr O'Donnell was engaging, or had been engaging in, taking steps to put assets beyond the reach of the bank.
The judge added that after observing Mr O'Donnell in the witness box and listening to his answers, at this stage he did not think the bank's concerns were fanciful or imaginary.
Mr Justice Kelly did not think the bank's questioning of Mr O'Donnell was unfair and a judgment creditor should be entitled to information from a debtor.
Mr O'Donnell was quizzed about his bank accounts and was also asked about a property in France, worth more than €5m.
The bank said Mr O'Donnell had agreed to sell this property for €5.66m even though it had been valued at €6.9m.
It said that it is owed €3.9m on the chateau. It says that Mr O'Donnell has said the remainder of the money would go to items including stamp duty, legal fees and the managing agent of the property would also get part of the money.
The bank says the managing agent is a company where Mr O'Donnell and his wife were previously the only shareholders. But it says within three weeks their shareholding was diluted and their two sons Bruce and Blake became the main shareholders.
Mr O'Donnell said he would get no money from the sale of the property and he said the bank was holding up the deal by refusing to issue a redemption certificate to say how much was owed on the property.
