Trusted by the judiciary, government lawyers, prosecutors, and many leading counsel. Click here to request a subscription.
Trusted by the judiciary, government lawyers, prosecutors, and many leading counsel.
Click here to request a subscription.
Fund management company substituted as plaintiff for IBRC
|
or click here to request site subscription to search and view all judgments |
High Court, in judgment proceedings, substitutes as plaintiff a fund management company for a bank in special liquidation, IBRC, on the grounds that: (i) IBRC has shown, prima facie, that the assignment to the new plaintiff of all rights relating to a loan facility was lawful and effective; (ii) the cause of action was the property of IBRC and is not based on statutory powers of the special liquidator; and (iii) as the new plaintiff has a legitimate interest in the proceedings, the assignment does not amount to maintenance or champerty.
Application to substitute plaintiff - application pursuant to Ord. 15, rules 13, 14 and 15 & Ord. 17, rule 4 - overall proceedings relate to recovery of monies due on foot of a loan facility of 2009 ("2009 facility") - original plaintiff, Irish Bank Resolution Corporation ("IBRC"), now in special liquidation - IBRC sold 2009 facility in July 2014 - purchasing company of 2009 facility is proposed new plaintiff - whether plaintiff has put sufficient evidence, prima facie, before the court to show that the deed of transfer is lawful and effective - defendant says liquidator cannot assign these proceedings, as distinct from the debt - defendant says substitution would amount to maintenance and champerty - whether cause of action is asset of IBRC or whether cause of action vested in special liquidator pursuant to IBRC Act 2013 - Court finds that proceedings are an asset of IBRC which is capable of being assigned - Court finds, prima facie, that proposed new plaintiff has legitimate interest in proceedings, and therefore the assignment of the proceedings does not amount to maintenance or champerty - accordingly, Court makes an order substituting the name of the proposed new plaintiff for that of IBRC.
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.
