Originally Posted by MungBean
Surely its not as simple as borrow a billion, buy a load of property and then give it to your wife and nobody can do nothing about it.
This is correct.
Irish couple who built up a €1bn (£800m) portfolio of luxury property
, stretching from London to Washington DC and Stockholm, will attempt to file for bankruptcy in London on Thursday.
Brian O'Donnell, a high-profile Dublin corporate lawyer, and his psychiatrist wife, Mary Patricia O'Donnell, are accused of being among the Irish "bankruptcy tourists" fleeing to the UK to use Britain's more lenient bankruptcy laws.
The Irish court battle revealed that the couple, who were once listed as the 178th richest in Ireland, have transferred the ownership of three properties worth an estimated €360m to their four children
. Lawyers for the Bank of Ireland dismissed the trusts as a "sham".
The properties transferred to their children include the London residence in Barton Street, Westminster. The property is valued at about £13m, up from the £10.5m the O'Donnells' investment company, Vico Barton.
The couple also spent £194m buying the offices of Sweden's tax authorities in Stockholm.
His practice, however, is not high profile.
He first diversified into serious property business back in 1999
and, with access to funds from a string of banks including Bank of Ireland, Ulster Bank and Anglo-Irish, made his audacious moves in London, Scandinavia and the US.
Other high-profile Irish business people filing for bankruptcy in Britain include David Drumm,
a former chief executive of Ireland's "toxic bank", Anglo Irish, and the property developer John Fleming
, who was declared bankrupt by Southend crown court with debts of €1bn.
The Bank of Ireland declined to comment. O'Donnell declined to comment about the suggestion that he had transferred millions of pounds' worth of property to his adult children.
Another person who has said he is considering filing for bankruptcy in Britain is the former Irish minister and media personality Ivan Yates
. Yates, formerly agricultural minister, is saddled with debts of up to €3.5m following the collapse of the bookmaking firm he set up. This year he described his future as "exceptionally bleak" and "full of uncertainty" as he stood down as the breakfast show host of Ireland's Newstalk radio.