O'Reilly & Anor v Promontoria (Finn) Ltd & Ors (Unapproved) [2023] IECA 250 (17 October 2023)

O'Reilly & Anor v Promontoria (Finn) Ltd & Ors (Unapproved) [2023] IECA 250 (17 October 2023)

The Court of Appeal determined that, even if there was a fair issue to be tried regarding the interest rate calculation, the balance of justice did not favour granting interlocutory injunctive relief. The plaintiffs had not made loan repayments since 2015, had delayed proceedings, and the receivers had been unable to take possession due to the plaintiffs' actions. The High Court's refusal of injunctive relief was upheld, and the appeal was dismissed.

Citation
[2023] IECA 250
Parties
Appellant/plaintiff: Brendan O'Reilly; Appellant/plaintiff: Darren O'Reilly; Respondent/defendant: Promontoria (Finn) Limited; Respondent/defendant: Paul McCleary; Respondent/defendant: Jimmy Murphy; Respondent/defendant: Damien Harper
Jurisdiction
Ireland
Judgment Date
17 October 2023
Procedural Posture
Civil Appeal / Appeal From High Court Refusal of Interlocutory Injunction
Outcome
appeal dismissed
Legal Topics
Interlocutory Injunctions, Mortgage Enforcement, Interest Rate Calculation, Contract Interpretation, Contra Proferentem Rule
Banking Law Contract Law Civil Procedure Interlocutory Injunctions Mortgage Enforcement Interest Rate Calculation Contract Interpretation Contra Proferentem Rule

Case Brief

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Parties

Brendan O'Reilly

Appellant/plaintiff

Darren O'Reilly

Appellant/plaintiff

Promontoria (Finn) Limited

Respondent/defendant

Paul McCleary

Respondent/defendant

Jimmy Murphy

Respondent/defendant

Damien Harper

Respondent/defendant

Procedural Posture

Civil Appeal / Appeal From High Court Refusal of Interlocutory Injunction

Legal Issues

  1. 1 Whether the plaintiffs established a fair issue to be tried regarding the calculation of interest rates on their loan facilities after changes to the ECB rate methodology in October 2008
  2. 2 Whether the High Court erred in refusing interlocutory injunctive relief restraining the defendants from selling or marketing the mortgaged properties
  3. 3 Whether the contra proferentem rule applies to the interpretation of 'ECB rate' in the loan contracts

Ratio Decidendi

The Court of Appeal determined that, even if there was a fair issue to be tried regarding the interest rate calculation, the balance of justice did not favour granting interlocutory injunctive relief. The plaintiffs had not made loan repayments since 2015, had delayed proceedings, and the receivers had been unable to take possession due to the plaintiffs' actions. The High Court's refusal of injunctive relief was upheld, and the appeal was dismissed.

Court Disposition

appeal dismissed

Orders

  • Refusal of interlocutory injunction upheld
  • No order as to plaintiffs' costs of the interlocutory application