The Commercial Court has begun hearing an action by Bank of Ireland against a Dublin solicitor, his wife and their companies seeking the repayment of loans of almost €70m.
Brian O'Donnell, his wife Mary Pat, who is a doctor, and companies in which they have a shareholding owe €800m to several financial institutions worldwide. Bank of Ireland is owed €69.5m over loans relating to residential and commercial properties.
The O'Donnells claim they have a defence to the bank's claim. The court was told they claim the bank told them it would be flexible in its arrangements and that it is in breach of that obligation.
The O'Donnells claim the bank has not acted reasonably or commercially and they also claim the bank subjected them to unnecessary and undue pressure to repay the loans.
But the bank claims the loans were in default and the level of flexibility required by the O'Donnells was that the bank would not look for the money back until they were able to repay it.
The O'Donnells also claim the bank has breached its obligations under consumer protection legislation. And they say the bank has waived its right to call in the loans by virtue of its actions over the last couple of years.
Mr Justice Peter Kelly said there were a lot of references by Mr O'Donnell to a 'tacit waiver of rights'. He said he had some difficulty in understanding what that meant particularly when it came from the mouth of someone who described himself as one of Ireland's leading corporate lawyers. The case is continuing.
