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Judge rules against vulture fund in dispute over Killinarden property

A company has got a temporary High Court injunction to stop a vulture fund-appointed receiver from carrying out any of his functions at a Tallaght property. 

The injunction was secured by Pikesville Holding Limited against Pentire Property Finance DAC and insolvency practitioner Tom Kavanagh following his appointment as receiver over a number of apartments and a car park serving several retail units in Killinarden.

The injunction stops both Pentire and Kavanagh from taking any steps or exercising any powers on foot of the deed of appointment of July 26 in respect of the property at the centre of the dispute.

In the High Court yesterday, Pikesville barrister Bernard Dunleavy said his client was seeking orders because Pentire has no entitlement to appoint a receiver over the plaintiff’s property.

His client also fears the property would be sold quickly by the receiver unless prevented by the court, said Mr Dunleavy.

He told Ms Justice Branagh O’Hanlon that Pentire is  a vulture fund which acquired loans Pikesville had taken out in 2005 and 2007 with Bank of Scotland (BoS) when the bank left the Irish market.

Mr Dunleavy said Mr Kavanagh was appointed by Pentire as receiver of the property on July 26 on foot of a floating charge it claims was made between Pikesville and BoS in 2005.

The appointment was made after Pentire said its demand for immediate payment of €7.19m, a figure it claims it’s owed from Pikesville, never happened,

Mr Dunleavy argued however that when BOS extended the loan facilities they excluded the charge with the result that neither BOS or Pentire has any right to the Killinarden property.

Ms Justice O Hanlon said she was satisfied to grant the injunction and adjourned the matter to Wednesday.

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About Padraig Conlon

Padraig Conlon
More on Padraig coming soon.

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