Couple lose court action against lender

A couple who borrowed €1.4m to refinance property investments have lost their High Court action alleging their lender had not validly appointed a receiver over their assets when they went into arrears.

Anthony Freeman, who owned a window cleaning business, and his wife, Miriam, Willow Wood Lawn, Blanchardstown, Dublin, borrowed €1.4m in 2006 from Bank of Scotland Ireland (BoSI) to fund re-financing and refurbishment of six Dublin houses.

Of that sum, €800,000 was used to re-finance existing loans on the properties held with First Active with the remainder released to the Freemans. Following the financial crisis in 2008, they went into arrears in 2009 and a receiver was appointed over the properties in 2011. They claimed the receiver was invalidly appointed because BoSI had been dissolved.