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Financial fund entitled to €1.3m summary judgement against businessman, High Court rules
Summary
In a High Court decision on 2 November 2018, Mr Justice Seamus Noonan granted summary judgment to Launceston Property Finance Designated Activity Company against Mr John Walls, a businessman from Coney Hill, Balbriggan. The fund sought €1.32 million, the amount of loans it had acquired from the Irish Bank Resolution Corporation in 2014, including a €1 million loan advanced by the now-defunct Anglo Irish Bank to Mr Walls in 2008. Launceston demanded repayment in November 2016; when Mr Walls failed to pay, the fund sued for summary judgment. Mr Walls argued he had a defensible case, citing a binding compromise agreement entered in 2016 between his solicitor, Mr James Flynn, and an agent of Launceston. The judge found no evidence of such an agreement and dismissed all of Mr Walls' defenses, concluding that he had no reasonable probability of establishing a bona fide defense.
Who, what, where, when and why
What: Report matter: Financial fund entitled to €1.3m summary judgement against businessman, High Court rules. Procedural stage: hearing_or_decision
When:
- November 2016 Hearing Or Sentence
- 2018-11-02 Publication
Why: Mr Justice Noonan further rejected Mr Walls claim that Launceston's proofs were not in order because the loan transfer deed evidencing the transfer of his loan to the fund was heavily redacted. CNI source report
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