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ARTICLE · 25 JULY 2016

A Speed Bump For Purchasers Of Loans

Mason Hayes & Curran LLP
Mason Hayes & Curran LLP
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Mason Hayes & Curran LLP

Mason Hayes & Curran LLP

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Following the acquisition of a loan portfolio from Irish Bank Resolution Corporation Limited, Mars Capital Ireland Limited sought an order substituting it as plaintiff in lieu of IBRC, in the proceedings against the defendants.

IrelandInsolvency/Bankruptcy/Re-Structuring
Judith Riordan
Judith Riordan
Frank Flanagan
Frank Flanagan
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Background

Following the acquisition of a loan portfolio from Irish Bank Resolution Corporation Limited (“IBRC”), Mars Capital Ireland Limited (“Mars”) sought an order substituting it as plaintiff in lieu of IBRC, in the proceedings against the defendants.

As there were over 500 Circuit Court proceedings relating to loans in the portfolio, rather than bringing standalone applications in each set of proceedings, Mars adopted the practice of making one omnibus application for an order substituting it as plaintiff in lieu of Irish Nationwide Building Society, Anglo Irish Bank Corporation Limited, or IBRC2 as appropriate in each of the Circuit Court proceedings.

The Court referred to the standard of proof required for a substitution application, as determined by the High Court in Irish Bank Resolution Corporation Limited –v- Comer3 and stated:

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