Courts / Roscommon / Report

Repossession proceedings brought by subprime lender struck out

Summary

The High Court struck out repossession proceedings brought by subprime lender Home Funding Corporation Ltd against John and Sheila Nolan. Ms Justice Isobel Kennedy dismissed the application for want of prosecution, citing inordinate and inexcusable delay between 2004 and 2014. The lender sought €1.4m on a 1997 loan, alleging the couple stopped repayments in 2000. The Nolans argued the delay prejudiced them and that Home Funding lacked candour regarding the true cause, which they linked to founder Ian Leaf. Mr Leaf, now Ian Andrews, was convicted of 13 counts of fraudulent trading, jailed for 10 years, and released in 2008. He also faced confiscation orders for fraud calculated at Stg£99.8m. Home Funding denied Mr Leaf's incarceration was relevant, attributing the delay to an oversight and failed negotiations. The judge rejected the company's argument that the delay period began in 2006, finding the nine-year gap from 2004 to 2014 sufficient to strike out the claim. She also struck out the Nolans' counter-claim. Costs were awarded to the Nolans, with a stay placed on the order pending any appeal. The ruling concluded the matter by dismissing the repossession application.

Who, what, where, when and why

What: Report matter: Repossession proceedings brought by subprime lender struck out. Charges or matters: 13 counts of fraudulent trading. Procedural stage: sentence. Findings: Convicted

When:

• July 2004 Hearing Or Sentence
• February 2014 Hearing Or Sentence
• 2004 and 2014 Other
• 2015-02-19 Publication

Why: In all the circumstances the judge said the application for repossession should be struck out because of inordinate and inexcusable delay alone. CNI source report

Case subjects

Places mentioned

Topics

Fraud Stage Sentence

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Read the original CNI report