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Vulture Funds: Could this be the beginning of the end for them? Possible new strategy to force the Vulture Funds to do a deal?
  • Posted by: Jim Stafford
  • Category: Business, Uncategorized

In the recent High Court case of Eileen Courtney v/s OCM EMRU Debtco DAC , a fund has been ordered by the High Court to provide full details of what it paid for the loan of a specific borrower. The judgment dealt with the borrower’s application to see a copy of the loan purchase agreement…

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Does the Code of Conduct on Mortgage Arrears apply to the enforcement of a business loan if the security includes the borrower’s primary residence?
  • Posted by: Jim Stafford
  • Category: Business, Uncategorized

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…

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Update on dealing with properties in Bankruptcy
  • Posted by: Jim Stafford
  • Category: Business, Uncategorized

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…

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Statue of Limitations becoming more of an issue for banks/vulture funds
  • Posted by: Jim Stafford
  • Category: Business, Uncategorized

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…

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Update on how to deal with the vulture funds
  • Posted by: Jim Stafford
  • Category: Business, Uncategorized

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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