BANK OF Ireland is “very likely to challenge the application of solicitor Brian O’Donnell and his wife for bankruptcy in Britain and is “actively considering” applying to the courts here to have the couple declared bankrupt.

The bank’s examination of Mr O’Donnell about assets under his control was adjourned yesterday after four days at the request of Paul Gardiner SC, for the bank, to allow time for Mr O’Donnell to produce more documents concerning assets and trusts.

Mr O’Donnell said he would provide the documents and rejected the description of his evidence as “untrue” .

The examination is being conducted as part of the bank’s efforts to recover some €75 million under judgment orders entered last December against Mr O’Donnell and his wife, Dr Mary Patricia O’Donnell, Gorse Hill, Vico Road, Killiney, Co Dublin, over loans and guarantees on loans obtained for investments and refinancing of other loans.

Mr Gardiner said the bank wanted to inspect material, including bank statements, emails, share transfer agreements and documentation concerning ownership of a number of properties.

While there had been significant discovery, he said the bank required additional information about various assets and companies because some answers given by Mr O’Donnell “lacked credibility”, while a couple of answers given “were untrue”.

In response to the application, Mr O’Donnell agreed to use his best endeavours to provide the documentation sought but said he required eight weeks to do so. The information was in eight different jurisdictions and other investors would have to be consulted, he said. Matters were complicated by bankruptcy proceedings in Britain and the fact he was facing proceedings brought by the bank in at least five other countries.

Mr Justice Peter Kelly said he would adjourn the examination to June 26th, noting the bankruptcy hearing was listed for mid-June. All materials, even if provided in piecemeal nature, should be provided by June 6th.

While Mr O’Donnell had limited resources and his property empire was now in a sad condition, Mr O’Donnell had sufficient time to deal with the bank’s requests, the judge said.

Earlier yesterday, Mr O’Donnell was asked about income from US properties and whether a Bentley car was covered by a trust set up in favour his children.

On Tuesday, he told the court his annual income was about £120,000 and derived from management services provided by him in relation to a British property.

Yesterday, he told Mr Gardiner his income for the past year had been in the region of €250,000. He said he had received payments from other properties in the US and in Britain.

Asked by Mr Gardiner why he had told the court of an income of £120,000 when the true amount was a “long way” from that, Mr O’Donnell said he was thinking more in terms of net amounts.

He said money from the management of two properties had been put into an AIB account in Dublin but out of that he had to pay expenses, leasing commissions and legal fees for the pursuit by Bank of Ireland.

Asked about a number of cars including a Daimler, Bentley and a sports car, Mr O’Donnell said they were held by a garage in Co Galway for use by people in Oughterard in the St Patrick’s Day parade and other events, while another vehicle was in London.

Mr Gardiner remarked that if the cars were parked at the house in Gorse Hill, perhaps they could be considered to be part of the Gorse Hill trust set up for the O’Donnell children. Mr O’Donnell said that was not the case.