Court of Appeal dismisses appeal of High Court order for judgment in the sum of €7,683,999.99 granted in favour of a bank pursuant to loan agreements for the development of lands, and affirms that any lis pendens that remains registered against any of the lands forming the bank’s security should be vacated, on the grounds that there was evidence to support the conclusions reached by the trial judge in granting judgment.
Banking law – loan agreement – development of lands at Lindville – whether the common areas of “Lindville” were intended to be included in the security granted by the plaintiff to the bank – whether the defendant solicitors were negligent and/or in breach of duty in failing to notice that the common areas had been included in the plaintiff’s security granted to the bank – whether the bank made a representation to the plaintiff that the bank would fund the plaintiff’s developments through to completion – amalgamation of further loans – whether the bank represented to the plaintiff that he could spend €100,000 to complete one of the houses in Ashley to show - house standard and that the bank would provide funds for same – whether the receivers had a conflict of interest – whether the defendant solicitors failed to properly advise the plaintiff – doctrine of non est factum – appellant’s appeal on the common areas issue rejected – there was evidence which he was entitled to accept which supports the conclusion that he reached – joint receivers – failure to maintain the assets and maximise the rental value – Solicitors (Professional Practice, Conduct and Discipline – Commercial Property Transactions) Regulations 2010 (S.I. 366/2010) – duties owed by solicitors in the provision of services – manner in which services were provided – no conflict of interest actually arose, despite the potential for such a conflict – Consumer Credit Act, 1995 – Consumer Protection Code 2006 – any lis pendens that remains registered against any of the lands forming the bank’s security should be vacated – appeal dismissed.