Scared IIB Get €9m Injunction Against (another) Solicitor

There goes poor Austins 2007 bonus.

rte.ie/news/2007/1023/byrnet.html

Thet would tend to mean he owes IIB €9m and IIB are afraid they may not see it soon .

The law society closed him down too.

The old law society compo fund is looking stressed is it lads ??? Why was he not shut down last year then ???

I have personally heard rumours about 2 solicitors under severe stress as the bubble comes to a close . Neither Lynn nor Byrne were they .

I half heard thi so n the news presuming it was Lynn, but no this is really getting messy… tip of the iceberg looks like.

I ll bet all the big banks are now turning over their rocks looking for cockroaches. Its probably too late for them though. They wont be able to liquidate and get their money back. Too bad!

I’d say the banks are doing a fairly urgent audit of their big private property investor exposures. We’ll only get to hear about the ones that reach court.

Its looking like a large chunk of what may ultimately prove to be the Irish version of sub-prime may be based in the environs of the four courts :open_mouth:

Lot of attention being drawn to the solicitors right now…

Have you ever looked at the O’Connel Monument… on Dublins O’Connel Street?

If you look around to the back you can see the vesteds, consipring even then to make their tidy sum…

upload.wikimedia.org/wikipedia/c … nument.JPG

I dont see how this is related to property?

Are you just assuming that because its IIB, that it is a mortage on a €9 million property portfolio on which he has defaulted?

It will be very very messy by christmas. The banks are squeezing developers and syndicates , which include a lot of solicitors, very hard .

If there is a suspect solicitor anywhere the banks are into the Law Society to get them audited.

You noted that as soon as the injunction was granted against Byrne the Law society did a stop loss on Its own potential liabilities. . Its even possible that Lynn had cleaned the whole compo fund out before they became aware of Byrne .

I would think that if any solicitor is injuncted in the court by any bank will also have their practice shut down by the law society, straight away .

I make it the compo fund for victims of dodgy solicitors is €35m + €10.3m reserves total funds **€46m **at most . Thats the Law Society Cleaned out then . Figures E35m on page 20 of This Recent Annual Report and E10.3m Society Reserves on page 18 of same , quote from page 20 .

At €9m a pop it only takes 5 dodgy solicitors . We now know of 2 .

The squeeze is on .

Or the property economists propping the edifice up at the bottom .

Will these solicitors/their clients not be covered (to a certain extent) by their professional indemnity insurance?

thats the €46m fund I averred to .

Not if fraudulent practices can be proven.

and whats the compo fund for then ??

Agreed, but it’ll most probably be ‘dealt with’ as negligence…

That’s separate from professional indemnity insurance which should be taken out by individual solicitors to protect themselves from charges of negligence.

I doubt it. Fraud is premeditated.
Like knowingly driving an unroadworthy car if an accident happens insurance company can refuse to pay out.

I also know of one particular solicitor in the Munster region who has been trying for the last few months to offload her entire property portfolio (greater than 20 properties in 2006)

Has she considered dropping the price?

rte.ie/business/2007/1024/solicitor.html