Judge fell into error in setting aside judgment in banking proceedings

Banking law – appeal of High Court order setting aside judgment obtained by the bank for €597,435.44 – whether there was a bona fide defence – Ord. 13, r. 3 – High Court judge did not address whether or not he considered the defendants had established a bona fide defence which had a real prospect of success – High Court judge fell into error as a matter of law when he set aside the judgment obtained by the bank – judgment had been regularly obtained – High Court judge fell into error in concluding that he might set the judgment aside because the defendants may have been lulled into a false sense of security by reason of the bank’s actions – whether the defendants have demonstrated the existence of a defence which has a real prospect of success – appeal allowed.