I noticed this in the paper and thought it looked a bit strange. Patricia Cullen is suing AIB to force them to release their claim on assets transferred to her as part of a divorce settlement from her husband Bryan Cullen. This looks like a very interesting case and it will be interesting to see how it develops. If AIB had a charge on the properties then surely they didn’t belong to Mr Cullen and he had no right to transfer them? The properties concerned are valued at EUR 15.2 Million. Bryan Cullen may or may not be the same of Jackson Homes.
Confirmation to be Cullen of Jackson Homes.
Hard neck o’ the woman. It seems obvious that if he or they didn’t own the properties by virtue of the fact they were hocked to the banks, nothing changes just because they are divorced. The lawyers are filling their boots in that commercial court.
I’d love to see the pleadings in this case to see the alleged basis for forcing the bank to facilitate her divorce. Even if AIB agreed with Bryan Cullen to restructure his loans, she’s a stranger to that agreement.
The divorce courts have decided that the former Cullen family ‘owned’ these properties (although they appear to have been mortgaged). On the unfortunate breakup of the marriage, the courts appear to have granted some of the (mortgaged) property to the former Mrs Cullen. Does this not mean that that proportion of the mortgage owed goes with the properties and is her liability?
Her constitutional right to a clean break is greater than that of the banks to a security given while she was married.
That theory deserves a good rattle through the Supreme Court any time
On the assumption they are all in Dublin and that she lets them @ €1000 each per month with 2 months void she makes 36x€10k a year out of them or €360k a year ( less expenses of course ) .
Mind you they were ( allegedly) still an item in July 2004 according to this .
It’s quite unfortunate that the marriage broke up at such an inconvenient juncture.