Dublin couple can’t stop receiver taking over house

A receiver is entitled to an injunction preventing a couple from interfering with him taking over a house in Sandymount, Dublin, where the family have lived for the last seven years, the High Court has ruled.

Ms Justice Deidre Murphy ordered Con and and Pamela Creedon, of 131 Tritonville Rd, not to interfere with or obstruct receiver Ken Fennell’s efforts to take over their home and they should also hand over keys, alarm codes and locks to the property.

The judge found a loan agreement, whereby the Creedons borrowed €4.5m from EBS, was a commercial one and did not attract the protection of the Central Bank’s Code of Conduct on Mortgage Arrears.

Mr Fennell, a partner in Deloitte, was appointed receiver by EBS last January over the couple’s failure to repay a debt which stood at €4.8m. It was secured on number 131 Tritonville Road as well as on properties at the rear of 127, 129 and 131 Tritonville Road.

They had obtained the €4.5m interest only loan from EBS in 2004 to buy number 129 and 131 as well as property at the rear of number 127.

Ms Justice Murphy said the couple moved into number 131 with their two daughters in 2008.

On December 10, 2013, EBS demanded repayment of some €4.78m, including interest and arrears.

Mr Fennell was appointed receiver the following February and in July, 2014, the Commercial Court entered judgment against the couple for €4.8m on consent.

Ms Justice Murphy said it was clear that at all stages, this contract was treated as a commercial transaction.

The court was not persuaded, as argued by the defendants, that the contract attracted the protection of the Code of Conduct on Mortgage Arrears, the judge said.

This loan was not secured by the couple’s primary residence and it was only four years after they got the loan that they moved into number 131 and converted into their primary residence, she said.

The receiver was, in those circumstances, entitled to the injunction, she said.