Belfast Telegraph

Wednesday 16 April 2014

Solicitor Michael Lynn due back before High Court

Solicitor and property developer Michael Lynn is due back before the High Court this morning when further light will be shed on how much money he owes banks here.

Thirty-nine-year old Mr Lynn, originally from Mayo, had his practice shut down on foot of an application from the High Court last week.

The court has heard that Mr Lynn of Capel Law, off Capel Street, has drawn down just over €26m in personal loans this year but the amount he owes could be much higher.

He owns more than 100 properties, with up to 40 overseas.

He has been given two weeks to provide a full list of his properties and has arranged for a forensic accountant to help him clarify his accounts.

Yesterday the High Court heard that another Dublin based solicitor, Thomas Byrne of Thomas Byrne and company, Walkinstown has absconded and owes significant sums of money to a number of banks here.

His bank accounts have been frozen and he has been ordered not to reduce his assets to below €9m.

Ms Justice Laffoy also directed that ads be placed in national papers on Friday notifying him of the legal proceedings against him and instructing him to appear before her on Tuesday.