Receiver appointed over funds due to farmer with €97k bank debt
Published 07/08/2014 | 14:05
The High Court has appointed a Receiver over Government and EU funds that may be due to a Co Limerick farmer who owes a bank just over €97,000.
Ms Justice Mary Irvine appointed Declan Ryan, of ACC Loan Management Ltd., Charlemont Place, Dublin, as Receiver over subsidies payable to Edward M.H. Ruttle, Ballingrane, Askeaton, Co Limerick.
Barrister Karl Sweeney told Judge Irvine that ACC Loan Management, the former ACC bank, had last year obtained a judgment against Mr Ruttle for €94,450 and so far nothing had been paid off it. He said the debt had since risen to €97,522.97.
Mr Sweeney said Mr Ruttle was a farmer and would be entitled to various payments and subsidies from the Minister of Agriculture, Food and Fisheries.
He told the court they included contributions from the EU Single Payment Scheme; the Rural Env ironment Protection Scheme, the Early Retirement Scheme and Farm Improvement Scheme; the Young Farmers’ Installation Aid and Compensatory Allowances in Less Favoured Areas.
Declan Ryan, a Special Asset Manager with ACC Loan Management, told the court in an affidavit that Mr Ruttle continued to farm and would continue to receive various payments and subsidies from the Minister.
The ordinary processes of execution were not suitable to execute against such grants and required the appointment of a Receiver by way of Equitable Execution.
Mr Sweeney was also granted an order amending name and title of ACC Bank PLC to the new entity, ACC Loan Manaagement Ltd. He was granted leave to change the title in eight other debt recovery proceedings before the court. The applications were made ex parte with only the bank’s representatives being present in court.