Courts / Meath / Report
Farmer sues "vulture fund" in bid to sell land
Summary
Mr Charlie Jennings, a 65‑year‑old farmer from Carrickamon, Ravensdale, Dundalk, has filed High Court proceedings against the financial fund Promontoria (Oyster) DAC. He seeks to sell 46 acres of land in Castletown, Kilpatrick, Navan, Co. Meath, which he bought in 2005 and 2006 for €590,000 with loans from Ulster Bank that were later purchased by Promontoria in 2016. Jennings claims the fund has not supplied a net redemption figure that would allow him to clear an outstanding loan of about €257,000, preventing him from completing a sale agreed with a buyer since May. He alleges the fund is also demanding payment on other mortgages linked to his son's property and a joint mortgage with a business partner, citing 'all sums due' clauses. Jennings seeks orders compelling Promontoria to provide the redemption figure, to allow the sale, and to prevent interference, as well as damages.
Who, what, where, when and why
What: Report matter: Farmer sues "vulture fund" in bid to sell land. Procedural stage: hearing_or_decision
When:
- 2018-12-11 Publication
Why: In order to reduce his indebtedness to the fund, he put the lands up for sale in February, as he is unable to pay the monthly mortgage payments. CNI source report
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