LSREF III Stone Investments Ltd -v- Morrissey [2015] IEHC 603 (05 October 2015)

LSREF III Stone Investments Ltd -v- Morrissey [2015] IEHC 603 (05 October 2015)

The assignment of the loan from IBRC to the plaintiff was valid both under the contractual terms and under s. 28(6) of the 1877 Act, as all statutory and contractual requirements were met, including valid notice to the defendant. The defendant's objections to the form and service of the notice, and to the assignment's validity, were rejected. The credits due from the receivership were properly accounted for, and the plaintiff was entitled to judgment for the sum due.

Citation
[2015] IEHC 603
Parties
Plaintiff: LSREF III Stone Investments Limited; Defendant: John Morrissey
Jurisdiction
Ireland
Judgment Date
05 October 2015
Procedural Posture
Commercial Debt Recovery / Judgment After Modular Trial and Substitution of Plaintiff
Outcome
Judgment for the plaintiff
Legal Topics
Assignment of Debt, Loan Agreements, Notice of Assignment, Receiver's Credits, Validity of Assignment, Statutory Interpretation
Banking Law Contract Law Insolvency Law Assignment of Debt Loan Agreements Notice of Assignment Receiver's Credits Validity of Assignment +1 more

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Parties

LSREF III Stone Investments Limited

Plaintiff

John Morrissey

Defendant

Procedural Posture

Commercial Debt Recovery / Judgment After Modular Trial and Substitution of Plaintiff

Legal Issues

  1. 1 Whether the assignment of the loan from IBRC to the plaintiff was valid under contract and statute
  2. 2 Whether valid notice of assignment was given to the defendant under s. 28(6) of the Supreme Court of Judicature (Ireland) Act 1877
  3. 3 Whether credits due from receivership were properly accounted for

Ratio Decidendi

The assignment of the loan from IBRC to the plaintiff was valid both under the contractual terms and under s. 28(6) of the 1877 Act, as all statutory and contractual requirements were met, including valid notice to the defendant. The defendant's objections to the form and service of the notice, and to the assignment's validity, were rejected. The credits due from the receivership were properly accounted for, and the plaintiff was entitled to judgment for the sum due.

Court Disposition

Judgment for the plaintiff

Orders

  • Plaintiff awarded judgment against the defendant in the sum of €31,180,489.
  • Plaintiff waived claim to interest accruing from 4 June 2015 to date of judgment.