A receiver, who was appointed over the lands of a family from Co. Limerick has gone to court, in an attempt to gain access to the farm, as reported by breakingnews.ie.
This is because the family owe over €1.5m in bank loans, with the 187-acre farm now at risk. The farm is owned by Frank and Oonagh Burke, from Donoman Co. Limerick. They opposed the admission of the case to the Commercial court, while they also argued it should be instead heard by the circuit court.
Marcus Purcell, the man appointed the receiver over the lands, of Ernst & Young sought a declaration as to where he stood as receiver of the lands. He also appeared to obtain a restraining order against the family from obstructing from taking possessions or preventing him to enter the land.
The court heard that in 2013, Ulster Bank had extended two loan facilities to the Burke family, which amounted to €1.49m. The loans were so the pair could extend the farm and but new land as well as investing in residential property. The loans were obtained, with mortgages on the Burke Property.
The bank’s rights title was then acquired by Promontoria Aran Ltd, as well as interest in the Burke’s loans back in 2015. In October of that same year they demanded repayment of the outstanding loan.
The receiver, Mr. Purcell, was appointed over the lands in February 2016 and said he had asked a farmworker, Dean Boddy, who lived on a property on the land to give up vacant possession. The courts heard that he allegedly failed to confirm in writing that he would do that.
The value of the land is estimated to be in the region of €1.6million and Mr. Purcell told the courts that there was engagements between the two parties. He also admitted that at one time he even decided against instituting legal proceedings in relation to the land, as Oonagh Burke was ill and about to have an operation.
The courts heard that Purcell had made a request, through the Burke’s solicitor, that they give up vacant possession of the property in May and June of this year. This is what led to court proceedings, which commenced in September.
The couple, Purcell said, are continuing to refuse to provide him with vacant possession of the land, thus preventing him to carry out his duties as receiver. He spoke of his anxiousness that he was heard and matters solved by a court as soon as possible, so that the lands can be sold.
The case will be again in the courts, in April 2018.