Dundalk musician Jim Corr has told a court that he was in “dire straits” and that his actions were designed to “protect” his son.
Corr is facing a court examination over his means in an effort by ACC Bank to secure payment of some €778,000 still outstanding from a €1.4 million judgment obtained over an unpaid loan advanced to him and others in 2004 to buy lands at Goresbridge, Co Kilkenny.
Bernard Dunleavy, barrister for ACC, questioned Corr about the circumstances regarding the sale of a property he owned in Donnybrook, Dublin 4, and accused the songwriter of coming up with a “scheme to divest of the property” and keep it from the bank.
Giving evidence Corr said:”I was trying to protect my finances as best I could on behalf of my son because I recognised I was in dire straits,” and that: “I was doing what anyone else would do in my position.”
He said he was trying to protect his and his family’s interests when he sold off a mortgage-free Dublin 4 apartment for €350,000 shortly after a bank got a court judgment against him for €1.4m.
Mr Dunleavy said it was an extraordinary sequence events as the apartment was bought by a Malta-based entity called I and E Properties which had no turnover that year but paid €350,000 for the the Donnybrook property. I and E was fronted by Mike Young, who was an associate of solicitor Mortimer Walters, the founder of Mr Corr’s former solicitors, Adams, who had also acted for I and E in the purchase, counsel said.
The proceedings arise from a €1.2 million loan advanced to Mr Corr and Mr Marks in November 2004 to assist in purchasing some 97 acres of non-residential lands at Gorebridge, Co Kilkenny.
During the February 2011 proceedings, ACC said Blackrock man Philip Marks, a son of Liam Marks, was also a party to the letter of loan sanction but it was unsure of his whereabouts, having heards reports he is living in Hong Kong.
Once it has ascertained Mr Marks’s whereabouts, it intends to bring proceedings against him, the bank said.