The High Court has refused Pauline O’Callaghan an injunction aimed at stopping Pepper Finance and receiver James Anderson from selling two mortgaged properties at Spencer Dock and Castleknock.
O’Callaghan borrowed €426,000 from Bank of Scotland Ireland in 2008, secured on both properties. The loans and mortgages later formed part of a portfolio transaction in which beneficial ownership ultimately passed to another entity, while Pepper said it acquired and retained legal title.
After O’Callaghan stopped making repayments in 2023 and arrears developed, Pepper appointed Anderson as receiver in April 2024. O’Callaghan challenged Pepper’s right to enforce the mortgages, arguing that it was not the beneficial owner and questioning whether it had valid legal title.
Mr Justice Liam Kennedy rejected her application for interlocutory relief on 27 March 2026.
The judge held that Irish law permits the legal owner of loans and charges to enforce them even where beneficial ownership lies elsewhere. He found that the transaction documents, Land Registry entries, correspondence and affidavit evidence gave Pepper a strong case that legal title had transferred to it in September 2018 and remained with it.
The court was critical, however, of Pepper’s initial heavy redactions to a mortgage sale document. The judge required a less-redacted version and said parties relying on such documents should make only limited, justified redactions and explain them properly on affidavit.
O’Callaghan also argued that two €5,000 cheques had not been credited and that arrears could have been cleared. The court found no fair issue arising from those points and accepted evidence that attempts had been made to lodge the cheques but they were returned unpaid.
Separately, the judge found that O’Callaghan had known since 2018 that Pepper held legal title on trust, yet continued paying it for years and did not seek an injunction until December 2024. That delay and acquiescence independently weighed against relief.
The application was dismissed. Costs were left for a later hearing.