The legal status of Codes of Conduct had been clarified in the judgment of the Supreme Court in Irish Life and Permanent plc v. Dunne. The High Court recently gave further guidance on the issue in Allied Irish Banks plc v Buckley. The bank brought proceedings against a defaulting mortgagor seeking possession of certain registered land…
Chris Lehane, the Official Assignee (“the OA”), gave a very useful talk this morning to the Association of Personal Insolvency Practitioners on the very technical issues arising on dealing with family homes and investment properties in a bankruptcy. Some of the useful “takeaways” from the talk were the following: The OA has 3 years to…
Given that many of the current “distressed” loans become distressed shortly after the collapse of Lehman Bothers on 15 September 2008, it is no surprise that many borrowers stopped making any payments on various loans around 2010/2011. As a result of many payments ceasing around 2010/2011, it is also no surprise that the Statute of…
High Court precedent in dealing with defences of “undue influence” is essentially that a mere assertion by a guarantor of undue influence will not suffice as a Defence, and that the court will consider all of the surrounding circumstances. I set out below a link to a recent case, Allied Irish Banks Plc -v- Grove…
A senior banker once justified to me the sale of a portfolio of Non-Performing Loans to vulture funds on the basis that the bank had received “market value” for them. I debated with him whether the bank had actually achieved market value from the vulture funds, given that the “market value” was actually being dictated by a…
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