Rugby star loses bank challenge

Former rugby star Frankie Sheahan and his business partner, brother Joseph, have lost their High Court challenge against Bank of Ireland taking possession of a number of their property investments and appointing a receiver over them.

Ms Justice Iseult O’Malley held that the bank was entitled, under ‘contractual powers’ within the mortgage deeds, both to appoint a receiver to the Sheahan properties and take possession of those where there had been repayment default.

The judge, in a related decision, held that the bank had no statutory powers under the faulty Land and Conveyancing Law Reform Act as drawn up prior to Dec 1, 2009, to take possession or appoint a receiver.