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ARTICLE · 01 OCTOBER 2014

Litigation Update: Inaccuracies Do Not Automatically Invalidate Demands

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

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In a number of recent cases, borrowers have produced a detailed forensic analysis of the accrual of interest on their accounts by lenders.

IrelandLitigation, Mediation & Arbitration
Frank Flanagan
Frank Flanagan
Declan Black
Declan Black
Maurice Phelan
Maurice Phelan
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In a number of recent cases, borrowers have produced a detailed forensic analysis of the accrual of interest on their accounts by lenders alleging that any error in the calculation of interest invalidates the demand made by the lender and any appointment of a receiver on foot thereof.

The English case of County Leasing Limited –v- East1 is persuasive authority for the proposition that demands on foot of loan agreements do not have to be accurate in this regard.

While that case has been relied upon, on occasion, without attracting judicial comment, it was recently cited with approval in Flynn –v- National Asset Loan Management Ltd & Ors.2 In that case the court held:

"... it seems clear that the letter of demand, even if it did overstate the amount due from the defendants to NALM, is still a valid of letter of demand. In the circumstances, the submission of the defendants that the letter of demand is invalid is not well founded."

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