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ARTICLE · 15 AUGUST 2022

Significant Judgment On The Application Of The Civil Liability Act To Debt Claims

Dillon Eustace
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The Court of Appeal has recently delivered a significant judgment in relation to whether a lender's entitlement to judgment against a borrower is reduced or affected by a claim for damages...

IrelandLitigation, Mediation & Arbitration
Peter Bredin
Peter Bredin
Rachel Turner
Rachel Turner
Jack Doyle
Jack Doyle
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Ulster Bank Ireland Limited & Ors v McDonagh & Ors [2022] IECA 87

The Court of Appeal has recently delivered a significant judgment in relation to whether a lender's entitlement to judgment against a borrower is reduced or affected by a claim for damages that the lender may have against another party.

Background

The proceedings were brought by Ulster Bank Ireland Limited ("the bank") and receivers appointed by it against three borrowers, the McDonagh brothers, to whom the bank had advanced a loan of approximately €22 million in 2007 to part fund the acquisition of an 80-acre site at Kilpeddar, Co Wicklow, on which the defendants intended to build a data centre.

A condition precedent of the loan agreement was that the bank would receive an independent report addressed to the bank valuing the lands at a minimum valuation of €56 million. CBRE provided a report to the bank valuing the lands at €57 million.

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