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Dublin: 7 °C Tuesday 18 December, 2018

Court hears €2.1 million outstanding on loans for Dublin properties owned by Jerry Beades

Counsel for the lender said no repayments have been made on the properties for 10 years.

Image: Sam Boal

BUSINESSMAN AND ANTI-EVICTION activist Jerry Beades has opposed an application by a financial lender seeking to execute possession orders in respect of two properties he owns.

It is alleged that Beades borrowed €1.3 million in 2003 from IIB Homeloans Ltd which were secured on properties located at Richmond Avenue, Fairview, Dublin 3, and Little Mary Street, Dublin 1.

Counsel for the lender Michael O’Sullivan BL told Ms Justice Caroline Costello that no repayments have been made on the properties for 10 years and some €2.1 million remains outstanding on the loans.

The lender secured possession orders in respect of the properties from the High Court in 2008.

The orders were appealed to the Supreme Court, which affirmed the High Court’s decision in 2014.

The lender did not take possession of the properties in 2015 because of concerns it had with the execution of the order, and the effects it would have on those renting the properties.

The matter, the lender claims, was put on hold in the hope that Beades would engage with it.

It claims there was no engagement and no proposals from Beades.

In its application to the High Court, the lender now seeks orders for the execution of the possession order in respect of the properties.

It also seeks permission to change the title of the plaintiff from IIB Homeloans Limited to KBC Bank Ireland Limited.

Beades has opposed the lender’s application.

His counsel Martin Giblin SC told Ms Justice Caroline Costello that the application should be dismissed.

Counsel said it is accepted that KBC and IIB Homeloans are separate companies. Counsel submitted that IIB’s assets and those of KBC were not the same.

Counsel said that it is his client’s case that the orders sought by the lender are not among the category of orders that can be assigned from one entity to another.

It is also claimed that there was a delay by the lender in seeking the orders.

In reply, Mr O’Sullivan BL said KBC is the new name of IIB and is entitled to the orders sought.

Counsel said that both properties have been rented out to tenants, but no rental proceeds from them have been used to reduce the indebtedness.

The lender he said would be prejudiced if the orders are not granted.

Following the conclusion of submissions from the parties, the Judge said she was reserving judgment in the matter.

The judge did not say when she will give her decision.

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About the author:

Aodhan O Faolain

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