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.
Legal and procedural objections to appointment of receiver are without merit
|
or click here to request site subscription to search and view all judgments |
Court of Appeal dismisses appeal of High Court orders dismissing plaintiffs' claims and granting injunctions to the defendant arising from the lawful appointment of a receiver and his right to sell the properties, on the grounds that: a) the High Court judge was correct as a matter of law to conclude that the bank’s entitlement to appoint a receiver under the relevant mortgages was a free standing contractual one which existed entirely independently and separately from any circumstances which might entitle it to invoke its statutory power of sale; b) where the Mortgage Deed provides for the appointment of a receiver with the power of sale, it is axiomatic that the lender would be entitled to enter into a novation agreement; c) a breach of the Code of Practice on the Transfer of Mortgages does not provide any basis upon which the plaintiffs might advance any of their claims against the receiver; d) the plaintiffs were not entitled to have a copy of the un-redacted version of Loan Sale Agreement; and e) the plaintiffs have elected to conduct themselves in a manner designed to obstruct and impede the receiver and it was necessary to grant the receiver the restraining orders sought on his counter claim.
Banking law – receivership – appeal of High Court order dismissing plaintiffs' claims and granting injunctions to the defendant – whether the receiver was properly appointed – whether the receiver was authorised to sell or dispose of the properties as required under the provisions of the Land and Conveyancing Law Reform Act 2009 – s. 100(1) of the Land and Conveyancing Reform Act 2009 – Irish Bank Resolution Corporation Act 2013 (Special Liquidation) Order, 2013 (S.I. 36 of 2013) – s. 12(1)(v) the Irish Bank Resolution Corporation Act 2013 – s. 117 of the Central Bank Act – Power of Sale – Incorrect reliance on 2013 IBRC Act as cure-all – Evidence Redaction, Deployment and Retraction – Prejudice – Land Registry – s. 58(9) of the Asset Covered Securities Act 2001– appeal dismissed.
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.
