Wednesday 14 November 2018

Bank can repossess Jerry Beades-owned properties

Jerry Beades
Jerry Beades

Tim Healy

A financial institution can execute possession orders over two properties owned by businessman Jerry Beades, the High Court ruled.

A financial institution can execute possession orders over two properties owned by businessman Jerry Beades, the High Court ruled.

The orders were sought by KBC Bank for properties at Richmond Avenue, Fairview, and Little Mary Street, both Dublin.

KBC claimed Mr Beades borrowed approximately €1.3m in 2003 from IIB Homeloans (now KBC) secured on the properties. KBC claimed some €2.1m remains outstanding. The lender secured possession orders from the High Court in 2008. Those orders were appealed to the Supreme Court, which affirmed the High Court's decision in 2014.

Mr Beades opposed the orders on a number of grounds. He also argued there had been a delay, with no explanation, in executing the possession orders to the effect KBC had forfeited its right to execute the order. Giving the court's judgment Ms Justice Caroline Costello said she had no hesitation in ruling in favour of KBC and granted it permission allowing it to execute the possession orders.

She rejected all his claims including that the possession order was not assignable from IIB to KBC. In 2008 IIB Homeloans Ltd changed its name to KBC Mortgage Bank.

The judge also said consent from Mr Beades was not required to sell the loans, and IIB had been authorised by the businessman to disclose the information he claimed was wrongfully disclosed to KBC.

Irish Independent

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