Courts / Dublin / Report
Businessmen allege "vulture fund" "concocted" situation to appoint receiver over property
Summary
Brian and David Stenson, brothers who own a commercial unit at Century Business Park in Finglas, claim before the High Court that Promontoria (Oyster) DAC, a so‑called "vulture fund", has wrongfully appointed Mr David O'Connor as receiver over their property. They argue that they have not defaulted on the €2.23 million loan they obtained from Ulster Bank in 2004, and that the fund's demands for repayment in February and September of the same year were based on a mistaken belief that the loans were in default. The Stensons say the fund's appointment of a receiver was an attempt to force them out of the property. They seek injunctions to prevent the fund and Mr O'Connor from interfering with their property rights, from alienating, using, letting or marketing the premises, and they request declarations that no default has occurred and that Promontoria is bound by the original loan terms.
Who, what, where, when and why
What: Report matter: Businessmen allege "vulture fund" "concocted" situation to appoint receiver over property. Procedural stage: hearing_or_decision
When:
- 2018-11-28 Publication
Places mentioned
- High Court
- Century Business Park
Topics
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