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Friday 18 January 2019

Farmer wants to know what he owes 'vulture fund'

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Tim Healy

A farmer wants a High Court court order to allow him to sell 46 acres of land so he can pay off his debts to a "vulture fund".

The action has been brought by Charlie Jennings against Promontoria (Oyster) DAC over land he owns at Castletown, Kilpatrick, Navan, Co Meath. The 65-year-old claims that he has on several occasions asked Promontoria which he described as "a vulture fund" - to provide him with a net figure to redeem the mortgage over the lands.

He claims the fund has failed to give him a net redemption figure at which Promontoria would agree to redeem the loan. There is around €257,000 outstanding on the loans.

As a result, he cannot sell his lands, despite having a deal with a purchaser since May. Mr Jennings - of Carrickamon, Ravensdale, Dundalk, Co Louth - bought the lands in two parts in 2005 and 2006 with Ulster Bank loans.

The loans were purchased by Promontoria in 2016. Permission was granted, on an ex parte (one side only represented) basis, by Ms Justice Leonie Reynolds to serve short notice of the proceedings seeking the various orders and injunctions on Promontoria. The case comes back before the court later this week.

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