FINANCIER NIALL McFadden, who has potential liabilities of €100 million, has rejected a suggestion he had transferred his interest in the family home at Avoca Wood, Blackrock, Co Dublin in a bid to avoid creditors.

John Hennessy, for National Irish Bank, was cross-examining him on issues relating to his assets as part of the bank’s effort to execute judgments of more than €15 million against him.

Mr McFadden said he had transferred his interest in the family home to his wife in 2005. When counsel said the transaction was recorded on January 22nd, 2009, not 2005, Mr McFadden said there was a delay over a consent issue, but the bank had consented in September 2005.

Because no money was passing, his wife and their solicitor had just let the matter sit on the file, he said. He believed the transfer became effective in January 2006 after approval from the bank.

He said his wife had expressed concern in 2005 that the number of transactions in which he was involved might put the family home at risk. She said she would deal with the family home and he could deal with the banks, he said.

He rejected a suggestion by Mr Hennessy that he was attempting to evade creditors.

Earlier, Mr McFadden said he had no income other than what he had disclosed to the court, and nothing had been diverted elsewhere. His wife had her own wealth before he married her, he said. She had two properties in Kilkenny bought out of her independent funds. They also had a Galway property, and the valuation of all three properties was put at €2.8 million. One was let but the other two were vacant.

Mr McFadden also said he sold two cars for €80,000 each in 2008. These were a 2007 Jaguar XK and a 2002 Ferrari 456.

The judge described as a “maze” companies in the Boundary group – with Mr McFadden popping up as director of this and shareholder of that, with money apparently swirling around between him and his various capacities.

Mr McFadden said this was based on advice and a concern to avoid paying “unnecessary tax”.