BANK OF Ireland has secured an injunction freezing the assets of an estate of a Co Wexford man who died weeks after borrowing €6 million from the bank with his son.
The bank sought the freezing orders on the grounds there was a grave risk of imminent dissipation of the assets of the €3 million estate of the late Edward Sinnott, Monarrigg, Blackwater, Enniscorthy, Co Wexford, who died in June 2007.
The orders were obtained against his son, Martin Sinnott, Brookhaven, New Bay, Co Wexford, and his nephew, also Martin Sinnott, of Tara Hill, Gorey, Co Wexford, both of whom are executors of Mr Sinnott’s will.
The bank said the risk would not have existed had it been given letters of comfort in relation to the distribution of the estate, letters which the bank had been seeking for some time.
Mr Justice Michael Peart in the High Court yesterday granted the bank an injunction preventing both Martin Sinnotts, as executors, from distributing or dissipating the assets of his estate.
The Sinnotts were also restrained from diminishing the value of or removing from the State any of the late Mr Sinnott’s assets.
Robert Beatty, for the bank, told Mr Justice Peart the injunctions could be granted with the consent of all the relevant parties and could remain until the full hearing of a trial into the distribution of benefits from the estate had been completed.
The bank claimed it advanced loans of more than €6 million to the late Mr Sinnott and his son in March and April 2007.
Mr Sinnott had died shortly after and, in February 2010, repayment had been demanded. Despite the demand, no money had been paid by either Martin Sinnott or by Mr Sinnott’s estate, the bank claimed. The bank also claimed the defendants had control of assets sufficient to satisfy much of what the bank said it was owed.
It alleged that, despite requests, the defendants had yet to provide any information with regard to the distribution of Mr Sinnott’s estate.
The bank said due to the failure to provide it with undertakings it believed there was a substantial risk the assets would be dissipated in a way that would frustrate the enforcement of any judgment it may obtain.