The Law Society will move to strike off missing solicitor Michael Lynn from the register of solicitors once insurance cover for his practice expires at the end of this month, the High Court heard yesterday. The sooner the facts about Mr Lynn's dealings were public, the better, the president of the High Court stressed.
Mr Lynn again failed to obey a court order to appear in court yesterday for cross-examination by the society about property dealings that have contributed to his estimated liabilities of €80 million. A warrant for his arrest remains in force and the society is to keep the court informed of any developments.
In light of Mr Lynn's non-appearance, the proceedings by the society, together with separate actions against him by various banks, have been adjourned to January 14th next.
However, the society's investigation into Mr Lynn's dealings will continue and the president of the High Court, Mr Justice Richard Johnson, stressed the sooner that investigation was completed, the better. To ally public anxiety, these matters should be addressed as speedily as possible, the judge said.
Shane Murphy SC for the society said the investigation into Mr Lynn's affairs is continuing apace with a forensic analysis of his transactions. He said there had been no sign of Mr Lynn and, in reply to the judge, said the society had no inkling yet what the next development would be.
Counsel said Mr Lynn's run-off insurance cover remains in place until December 31st and, in light of that, the society was deferring an application to suspend Mr Lynn's practising certificate.
Mr Lynn had previously given undertakings not to practice but, in light of his disappearance, the society has concerns about those undertakings. However, because his insurance cover remains in place until December 31st next, the society has decided not to move now to strike him off because that may have implications for his insurance. It is understood that, when a solicitor is suspended, their insurance cover no longer applies.
As Mr Lynn's cover expires on December 31st, it is unlikely that any claims made against him after that date would be met.
Also yesterday, Caroline Costello, for Bank of Scotland (Ireland), said that, in light of Mr Lynn's disappearance, she was not proceeding at this stage with an application against him. The bank is seeking to have Mr Lynn execute documents that would enable it to proceed with claims in relation to a number of properties. Ms Costello asked that the bank's application be adjourned and the judge made that order.
An arrest warrant was issued by the judge for Mr Lynn on Wednesday morning after he failed to obey a court order requiring him to attend for cross-examination by the society, before the judge, in relation to six property dealings.
The judge directed that Mr Lynn be arrested and brought before the court at 2pm on Wednesday and orders requiring his attendance were served on his home in Sandymount and on the offices of a UK firm of solicitors, Merriman White.
