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High Court grants order for judgment in sum of €18.5 million to receivers of plaintiff bank, in addition to permanent injunctive relief restraining trustees of defendant fellowship from interfering with three charged properties, upon hearing evidence of significant loan arrears resulting in an unmet letter of demand sent by bank to defendants as trustees; and the court finds that any issue relating to the validity of the appointment of receivers in the case cannot be concluded as the defendants' agent and purported negotiator on its behalf is not a party to the current proceedings.
Judgment proceedings - plaintiffs as receivers appointed by bank over certain properties owned by defendant and provided as security over debts issued to defendants as trustees - application for permanent injunctive relief restraining defendants from interfering in three charged properties - oral evidence heard - indebtedness of approximately €18.5 million undisputed - fellowship engaged in promotion of christian faith - accountant engaged by defendants as primary contact and negotiator with bank following entering into arrears regarding loan debts - no consensual resolution strategy subsequently agreed between the parties - defendants' taxation charitable status altered in 2010, significantly affecting financial health - letter of demand sent by bank seeking full amount of debt in May 2013 - defendants purged their contempt after failing to comply with court order restraining them from interfering with charged properties - reasons for receivers' appointment - size of outstanding arrears - potential fraud disclosed by accountant - whether trustees' accountant committed a breach of confidence - whether receivers validly appointed - equitable doctrine of confidence - defendants' accountant and agent not a party to proceedings - court unable to reach conclusion on agent's actions - order for judgment and permanent injunctive relief granted.
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