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The High Court refused the plaintiff's application for an interlocutory injunction to restrain a finance company, its agent, and others from taking possession of or selling a property used in connection with the plaintiff's business and adjacent to his family home, pending trial. The court found that the plaintiff, who defaulted on loan repayments for over 14 years, had warranted in his mortgage documents that the property was for commercial purposes and that he was not a consumer, and so could not benefit from enhanced consumer protection under EU law. The judge held that damages would be an adequate remedy, the balance of justice did not favour granting the injunction, and the plaintiff was unable to provide a valid undertaking as to damages. Despite the plaintiff's reliance on European consumer law arguments and family circumstances, the court found the financial institution's rights to be established, and the plaintiff at significant risk of further loss due to his ongoing default and insolvency.
interlocutory injunction – mortgage default – adequacy of damages – balance of justice – commercial property – undertaking as to damages – receiver appointment – assignment of mortgage – consumer status – EU law – warranty – Tracker Mortgage Examination – Financial Services and Pensions Ombudsman – Rules of the Superior Courts (RSC) – Folios – family home
Note: This is intended to be a fair and accurate report of a decision made public by a court of law. Any errors should be notified to the editor and will be dealt with accordingly.
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