A HIGH Court judge has told Isle of Man-based professional trustees they must comply with Irish law if they wish to do business in Ireland and hold Irish property on trust here.

Mr Justice Frank Clarke was ruling on pre-trial issues relating to the discovery of documents in proceedings between Ulster Bank and UK-based businessman Joseph Whitaker over the ownership of a property located at Oakley Park, Clontarf, Dublin.

The Seafield Trust and Charterhouse Trust Company, based in the Isle of Man, are notice parties to the proceedings.

The proceedings stem from a judgment mortgage obtained by the bank against Mr Whitaker in 1998 for £45,000 for the property at Oakley Park. The bank has sought a well charging order to allow it to sell the property.

Mr Whitaker, with an address in Manchester, argues the property was disposed of by him to the trustees prior to the registration of the judgment mortgage and claims no basis for the well charging order as he had no interest in the property at the relevant time.

The bank sought orders for discovery of all relevant documents in relation to the purported transfer of the said property. Mr Whitaker made discovery, but the trustees did not. The bank then applied in late 2007 to have the trustees’ assets in Ireland seized, an application opposed by Mr Whitaker but not by the trustees.

Mr Justice Clarke adjourned the case to allow the bank to serve a new discovery order.