Musician Jim Corr is facing a court examination over his means in an effort by ACC Bank to secure payment of some €778,000 still outstanding from a €1.4 million judgment obtained over an unpaid loan advanced to him and others in 2004 to buy lands at Goresbridge, Co Kilkenny.
In court documents, Mr Corr said his liabilities far exceed his assets and he has outstanding liabilities of some €6.5 million arising from property investments. He also said he drives a 2007 Lexus with an estimated value of €10,000.
Mr Corr had consented to summary judgment over the €1.4 million sum in February 2011 and the lands at issue were later sold. ACC later agreed to accept some €778,675 from the sale proceeds of the lands, on which the loan had been secured.
The bank had also registered the €1.4 million judgment as a judgment mortgage against Mr Corr’s interest in properties in Cos Louth and Kildare and in an apartment at The Shrewsbury, Donnybrook Castle, Stillorgan Road, Dublin 4.
It claims Mr Corr owns properties outside the jurisdiction, is receiving income from those properties and is also receiving royalties related to his musical career. His income in the year 2006 appeared to be some €1.19 million, it said.
While Mr Corr’s net worth is likely to have diminished “perhaps very significantly” in the five years since 2006, ACC was unaware of any assets owned by him apart from those properties against which it had registered its judgment as a judgment mortgage, it said.
Bernard Dunleavy, for ACC, said it wanted a court examination of Mr Corr regarding his means as part of its efforts to secure repayment.
Ciaran Lewis, who had represented Mr Corr in the summary judgment application, said his solicitors wanted to cease representing him because they were unable to get full instructions.
Mr Justice Peter Kelly granted counsel’s application permitting the solicitors to come off record.
He also granted an order for the court examination of Mr Corr regarding his means. There was an address for Mr Corr at Sharman House, Old Windmill Road in Bangor, Northern Ireland, and another address in Belfast, the court heard.
ACC also in February 2011 secured summary judgment for €1.4 million on consent against Liam Marks, The Coach House, Sandymount, Blackrock, Dundalk, arising from the same loan.
The proceedings arise from a €1.2 million loan advanced to Mr Corr and Mr Marks in November 2004 to assist in purchasing some 97 acres of non-residential lands at Gorebridge, Co Kilkenny.
During the February 2011 proceedings, ACC said Philip Marks, a son of Liam Marks, was also a party to the letter of loan sanction but it was unsure of his whereabouts, having heards reports he is living in Hong Kong.
Once it has ascertained Mr Marks’s whereabouts, it intends to bring proceedings against him, the bank said.