Jim Corr in High Court over ACC debtWednesday 15 May 2013 22.09
Musician Jim Corr has been accused in the Commercial Court of putting an asset beyond the reach of ACC Bank, to which he owes €1.44m.
Mr Corr was today cross-examined about the circumstances of the sale of a property in Dublin shortly after the bank had secured a legal judgment against him.
Mr Corr did not deny the accusation, but said he was trying to protect his finances for his son.
On two occasions, Mr Justice Peter Kelly asked Mr Corr if he wished to reconsider his answer, and he repeated that he was "trying to protect what he could".
The court heard about what was described as "an extraordinary sequence of events" whereby an apartment which had been on sale since 2008 was sold to a Maltese-based company within weeks of ACC securing a court judgment of €1.44m against Mr Corr in February 2011.
The court also heard about another property in Northern Ireland where Jim Corr had been allowed to live rent-free after selling it to a German man he met at a dinner party hosted by one of his sister's friends in Majorca in 2010.
Bernard Dunleavy BL, acting for ACC Bank, outlined what he described as the extraordinary connections between the buyers of two of Mr Corr's properties.
The court heard that the Maltese-based company which bought the Dublin apartment in March 2011 was fronted by an Irishman who was an associate of the German man that Mr Corr had met at that Majorcan dinner party.
Earlier, Mr Corr told the Court about the stress he was under dealing with the debts he was left with following the collapse of his investment business partnership.
Mr Corr told the court he was a musician, and was "not good with numbers".
He said he depended on other people for financial advice, and had been left with a "monster of an entity" to deal with.
He said he had been only a 25% shareholder in the development business and had expected his two business partners to divide up the losses.
He had a partnership arrangement with Liam and Philip Marks to develop land in Kilkenny but said today he had not had any contact with them for a few years.
He said it was not fair that ACC was pursuing him for the entirety of the debt.