Courts / Ireland / Report
Businessman challenges IBRC loan transfer
2014-12-01
Hearing Or Decision
Summary
John Morrisey, a businessman, has filed a challenge against the Irish Bank Resolution Corporation (IBRC) to reverse the sale of more than €30 million in loans that he owed to a third party, LSREF III Stone Investments Ltd. The case is being fast‑tracked by the Commercial Court at IBRC's request. Morrisey seeks declarations that the loan sale agreements were illegal, void, and that the loans could not be assigned to LSREF, alleging abuse of the judicial process. He also requests orders that sections of the Irish Bank Resolution Corporation Act 2013, which allow the sale and transfer of assets on conditions, breach his property rights and the Irish Constitution. The Commercial Court had previously ruled that Morrisey would owe €31.5 million if the sale was valid. The hearing has been adjourned to the new year.
Who, what, where, when and why
What: Report matter: Businessman challenges IBRC loan transfer. Procedural stage: hearing_or_decision
When:
- new year Incident
- 2014-12-01 Publication
Places mentioned
- Palmerston Road
Topics
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