In the Matter of Siobhan Mullee Bankruptcy [2012] IEHC 275 (03 February 2012)

In the Matter of Siobhan Mullee Bankruptcy [2012] IEHC 275 (03 February 2012)

Interest on the debt is only recoverable up to the date of the protection order; the bank cannot claim interest beyond that date. The bank is bound by the November 2010 valuation except for serviced sites omitted in error, which may be valued per the September 2011 valuation due to a bona fide mistake. The court will not interfere with the legal costs claimed.

Citation
[2012] IEHC 275
Parties
Arranging Debtor: Siobhan Mullee; Creditor: Bank (unnamed)
Jurisdiction
Ireland
Judgment Date
03 February 2012
Procedural Posture
Bankruptcy Arrangement Petition / Post Protection Order, Determination of Debt, Interest, Valuation, and Costs
Outcome
Petition determined; directions and findings issued on interest, valuation, and costs.
Legal Topics
Interest on Debts, Valuation of Security, Proof of Debt, Amendment of Proofs, Legal Costs in Bankruptcy
Bankruptcy Insolvency Law Interest on Debts Valuation of Security Proof of Debt Amendment of Proofs Legal Costs in Bankruptcy

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Parties

Siobhan Mullee

Arranging Debtor

Bank (unnamed)

Creditor

Procedural Posture

Bankruptcy Arrangement Petition / Post Protection Order, Determination of Debt, Interest, Valuation, and Costs

Legal Issues

  1. 1 Whether interest on the debt is recoverable after the date of the protection order
  2. 2 Whether the bank can amend its valuation and proof of security
  3. 3 Whether the estimated legal costs claimed by the bank should be reduced

Ratio Decidendi

Interest on the debt is only recoverable up to the date of the protection order; the bank cannot claim interest beyond that date. The bank is bound by the November 2010 valuation except for serviced sites omitted in error, which may be valued per the September 2011 valuation due to a bona fide mistake. The court will not interfere with the legal costs claimed.

Court Disposition

Petition determined; directions and findings issued on interest, valuation, and costs.

Orders

  • Bank not entitled to prove interest after date of protection order.
  • Bank bound by November 2010 valuation except for serviced sites, which may be valued per September 2011 valuation.