Defendants’ appeal on Belfry claims allowed

This report is a localnews.ie summary based on public court reporting and records; sources are listed below.

The Court of Appeal allowed an appeal by Allied Irish Banks and director defendants in proceedings including Geraldine Cantrell’s Belfry investment claim on 18 July 2019. Cantrell was a respondent to the appeal, which concerned whether investors’ claims of misrepresentation and negligent statements were statute barred.

The claims concerned loan-to-value covenants negotiated for Belfry investment vehicles promoted by Allied Irish Banks. Investors had put money into Belfry funds established to invest in UK commercial property and sought damages for alleged losses.

Ms Justice Baker held that the damage became manifest when the covenants were entered into and allowed the appeal on that basis. The ruling followed a High Court decision on a preliminary limitation issue. The defendants had appealed part of that decision; there was no cross-appeal.