High Court rules property assets not held in trust for Summerville Partnership

The High Court has ruled that property assets held by a couple from Westport, County Mayo, are not held in trust for the Summerville Partnership, which was established for the benefit of their five children. Mr Justice Paul Gilligan dismissed claims by the partnership in a lengthy judgment, finding insufficient evidence that Thomas and Patricia Joyce maintained a continuing intention to purchase properties on behalf of the partnership. The properties in question included Cherry Cottage in Westport, a London address at Bute Street in South Kensington, and a Chelsea investment estimated at £500,000. While the judge found that Cherry Cottage was an asset of the partnership, he determined that AIB holds valid security over it following a remortgage in 2006. The bank had previously secured judgments exceeding €50 million against the couple and their construction company. The matter has been adjourned to allow both parties to consider the ruling before final orders are made.