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In 2010 James Fagan, as a director and shareholder of Chevas Securities Ltd borrowed €10 million from Ulster Bank to purchase properties in Dublin, Sligo, Dundalk and Galway. The borrowings were secured over a large number of properties, in particular 28 apartments known as Royston Village in Kimmage, Dublin. The borrowings were restructured in September [...]
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Allied Irish Banks,p.l.c. (“AIB”) (in proceedings 2018/ IEHC306), has lost it’s application for a revisit of judgment of Judge Marie Baker’s adjudication in findings regarding AIB Mortgage Bank v Thompson [2017] IEHC 515 (High Court, Baker J, 31 July 2017) – Summary Judgment proceedings. In the 2017 Summary Judgment proceedings Justice Baker found AIB Mortgage Bank failed [...]
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Solicitor, Gerald Kean was brought to court by EBS over an accountable trust receipt (ATR) that was given by him to EBS in 2008 in order to obtain the title deeds of his client’s three properties, which were held by EBS as security for the mortgage that was taken out against them. Mr. Kean gave [...]
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When a Bank inserts a pre-condition to the drawdown of funds, then it should ensure that same is complied with, or else it may face a challenge as was faced by ACC Bank in the case of ACC Loan Management Limited –v- Gerard Sheehan [2006] IECA343/87/2016. Background The circumstances of the case are that [...]
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This case refers to Section 74(3) of the Land and Conveyancing Law Reform Act 2009 which states that “any conveyance of property made with the intention of defrauding a creditor or other person is voidable by any person thereby prejudiced”. This case arose from an appeal from the Dublin Circuit Court to the High Court. [...]
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As everyone is aware in February 2013 the Irish Bank Resolution Act 2013 was enacted and a Special Liquidation Order was signed by the Minister for Finance placing IBRC ( a merger of Anglo Irish Bank and Irish Nationwide Building Society) into Special Liquidation. The Special Liquidators of IBRC then had the monumental task of [...]
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On the 27th of January 2015 the Central Bank of Ireland announced the scope of the eagerly anticipated regulations which will apply limits to mortgage lending by regulated financial institutions in Ireland. The new regulations introduce proportionate limits for loan to value and loan to income measurements for both primary dwelling houses and buy to [...]
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AHEAD OF BUDGET 2015, the Minister for Finance was undoubtedly advised by some commentators that the best tactic was to make as little change as possible and he appears to have adopted that strategy. Minister Noonan stated that his main objective was to reduce unemployment, and some of the measures that he proposed seem [...]
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Res Judicata is a long established rule in law that you cannot take the same situation, arising from the same set of facts, and litigate it more than once. The principle was established in a case from 1834 known as Henderson v. Henderson. In modern times, an order from the court, restricting the ability of [...]
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Below is a case in which issues were raised by the Defendants, who sought to avoid judgment being granted against them, on grounds that the Bank to which they owed money had merged with another Bank and therefore the new Bank could not enforce the security. A number of Banks have recently been merged and [...]
