€500,000 recovered by Breifne O’Brien creditors

Creditors pursuing fraudster Breifne O’Brien in an effort to enforce judgments of €12.88 million have recovered sums totalling less than €500,000 to date, the Commercial Court has heard.

The seven judgment creditors have tried to recover their money via orders registering their judgments over all properties situated in Ireland of which they are aware are owned by Mr O’Brien,  solely or jointly. They have also secured orders relating to shares and other assets.

Under the various orders, sums recovered to date include €184,046 from sale of a property and €217,057 from the Sherriff, according to documents put before the court.

It is estimated they may recover a further €331,027 under orders obtained from the English courts concerning sale of shares in a company, Game Account Networks plc.

Mr Justice Peter Kelly yesterday made interim charging and attachment orders over shares and loan notes held by Mr O'Brien in two companies, Bulberry Properties Ltd and Hawridge Properties Ltd.  The creditors believe Mr O'Brien was the legal and benefical owner of the loan notes and also the beneficial owner of the shares in the two companies referred to.

The order was sought by Neil Steen, for the creditors, on an ex parte basis (one side only represented).

It relates to 2,133 shares of €1 each and 106,371 loan notes with a par value of €1 each in Hawridge and 2,133 shares of €1 each and 139,363 loan notes with a par value of €1 each in Bulberry.

All monies recovered are being distributed among the creditors, including brothers Louis and Robert Dowley who obtained judgment for €3.1 million against Mr O’Brien in early 2009 of which some €2.96 million remains unpaid.

Previously, the judge appointed a receiver over Mr O’Brien’s interest in a property in Boston held via two Irish-registered partnerships. The €100,000 investment in the partnerships was disclosed by Mr O’Brien in a statement of affairs provided in 2008.

Solicitor Brian Quigley of McCann Fitzgerald was last February appointed receiver by way of equitable execution with a range of powers aimed at realising any sums due to Mr O’Brien under his interest in two partnerships, Sig Capital Nominees Ltd and Sig Cap GB Ltd.

The judge appointed Mr Quigley as receiver over shareholdings of Mr O’Brien in two Irish-registered companies and one Massacusetts-registered company, which were also disclosed in 2008 in his statement of affairs.

Last week, Mr O’Brien pleaded guilty to multiple charges of multi-million euro theft and deception totalling more than €10 million between 2003 and 2008. He will be sentenced later.

Mr O’Brien (52), of Kilmore, Monkstown Grove, Co Dublin, faced 19 charges of theft and 19 charges of deception from five individuals. A further seven charges of deception involving €1.9 million relate to one of those five people between 2003 and 2008. Mr O’Brien had denied all charges, but changed his plea to guilty on the day his trial was due to start.

He pleaded guilty to 14 sample counts representing the total amount of charges. They included stealing money and dishonestly inducing people to invest in bogus shipping, insurance and property schemes.