Courts / Ireland / Report
Firms prevent bank loans from being transferred to third party
Summary
In a High Court case on 8 October 2014, companies controlled by brothers Michael and Richard Larkin obtained a temporary injunction preventing Ulster Bank from transferring their €87 million loan to any third party. The firms, which own European Property Fund PLC, Laurelmore Limited and Vieira Ltd, feared that selling the debt to an unknown party could harm their ongoing action against the bank. The injunction, granted ex‑parte by Mr Justice Paul Gilligan, was to remain until Ulster Bank discloses details of any proposed sale. The Larkin‑controlled companies claim they suffered €30 million in losses from alleged mis‑selling and mis‑representations by the bank, which forced them to sell two valuable London properties. They seek information on the terms of the proposed sale, which the bank has not provided, but note their loans are performing and they are willing to repay fully.
Who, what, where, when and why
What: Report matter: Firms prevent bank loans from being transferred to third party. Procedural stage: hearing_or_decision
When:
- 2014-10-08 Publication
Why: The orders were sought by firms controlled by the businessmen, whose family own have been involved in the property business for many years, because they fear the sale of the €87m owed to the Bank to an unknown third party may adversely affect an action their companies have brought against the bank. CNI source report
Places mentioned
- High Court
- Belgrave Road
Topics
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