EBS Building Society -v- Hefferon & Anor [2012] IEHC 399 (02 October 2012)

EBS Building Society -v- Hefferon & Anor [2012] IEHC 399 (02 October 2012)

The order appointing a receiver by way of equitable execution must be discharged due to material non-disclosure by the plaintiff in the ex parte application, and because the defendants' pension funds, being irrevocable trusts with anti-assignment provisions and no current beneficial interest for the defendants, are not amenable to attachment by way of equitable execution.

Citation
[2012] IEHC 399
Parties
Plaintiff: EBS Building Society; Defendant: Thomas (otherwise Tom) Hefferon; Defendant: Michael Kearns
Jurisdiction
Ireland
Judgment Date
02 October 2012
Procedural Posture
Commercial / Application to Discharge Ex Parte Order Appointing Receiver by Way of Equitable Execution
Outcome
Order appointing receiver by way of equitable execution discharged
Legal Topics
Equitable Execution, Receivership, Pension Funds, Material Non Disclosure, Irrevocable Trusts, Assignment of Benefits
Equity Trusts and Estates Civil Procedure Equitable Execution Receivership Pension Funds Material Non Disclosure Irrevocable Trusts +1 more

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Parties

EBS Building Society

Plaintiff

Thomas (otherwise Tom) Hefferon

Defendant

Michael Kearns

Defendant

Procedural Posture

Commercial / Application to Discharge Ex Parte Order Appointing Receiver by Way of Equitable Execution

Legal Issues

  1. 1 Whether there was material non-disclosure by the plaintiff in the ex parte application for appointment of a receiver by way of equitable execution
  2. 2 Whether the capital funds held in the pension schemes or any payments made therefrom in the future are amenable to attachment by way of appointment of a receiver by way of equitable execution

Ratio Decidendi

The order appointing a receiver by way of equitable execution must be discharged due to material non-disclosure by the plaintiff in the ex parte application, and because the defendants' pension funds, being irrevocable trusts with anti-assignment provisions and no current beneficial interest for the defendants, are not amenable to attachment by way of equitable execution.

Court Disposition

Order appointing receiver by way of equitable execution discharged

Orders

  • Order of 13th March, 2012 appointing receiver by way of equitable execution over the pension funds is discharged
  • No order necessary on the motions brought by the spouses of the defendants