'Vulnerable' farmer says vulture fund's receiver could destroy his business
A "vulnerable" farmer fears proposed actions by a "vulture fund" appointed receiver over his lands could destroy his business, the High Court has heard.
Andrew McDonnell, a dairy farmer with a herd of 100 cattle on his 80 acre farm at Cappagh Newbliss Co Monaghan, says that the receiver has threatened to remove and sell any items on his (Mr McDonnell's) lands unless he removes it within seven days.
The items on the lands include any stock and farm machinery. Mr McDonnell says the receiver has no right or entitlement to remove or sell the items.
As a result the farmer has brought High Court proceedings against Mr Tom O'Brien of Mazaars, who was appointed receiver over the lands, and financial fund Promontoria Oyster Designated Activity Company.
Mr McDonnell claims the receiver had written to him telling him that if he did not respond within a week Mr O'Brien would take steps including selling items on the lands to reduce the outstanding arrears.
Mr McDonnell fears such actions would result in the destruction of his farm business.
At the High Court on Thursday Mr McDonnell's secured a temporary injunction preventing the defendants from continuing to threaten to remove, sell, or transfer any of his stock or items he has on the lands.
The injunction was granted on an ex-parte basis, where only one side was present in court, by Mr Justice Max Barrett.