Wednesday 18 October 2017

Court told of threat to shoot receiver over asset sale

Tim Healy

A MAN who was facing the forced sale of six properties threatened that anybody who went near them would be "shot", a court heard yesterday.

Frank Kelly made the threat when refusing to co-operate with an ACC-appointed receiver in the sale of the properties, the bank claimed yesterday in the Commercial Court.

ACC is pursuing Frank and Ann Kelly, of Highbury, Rathmullan Road, Drogheda, for summary judgment for €1.8m over unpaid loans for the purchase of eight properties in Co Louth.

The Kellys had already sold two of the properties before ACC appointed a receiver over the remaining six in May of last year, with a view to selling them to recover its loans.

Difficulties

After the receiver had encountered numerous difficulties, including the 'shooting' threat, ACC said it offered to suspend the receiver's appointment if the defendants would co-operate in the sale and that it also offered not to register any judgment it might obtain against the defendants' home.

No agreement was reached and ACC alleges that Mr Kelly then made further threats to the receiver and the bank.

Mr Kelly, in a letter to ACC in July 2009, said the defendants' understanding was that the loan was offered for a 25-year period. The properties involved were a long-term investment and "not a get-rich-quick scheme for either ourselves or Rabobank", he wrote, adding that he sought to service the loan for the rest of its term.

The proceedings by the bank were admitted to the Commercial Court yesterday by Ms Justice Mary Finlay Geoghegan. Separate appearances had been entered for the defendants and counsel for Ann Kelly asked for time to consider her position.

The judge fixed the summary judgment application for hearing next month.

Irish Independent

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