Family can fight loan liability for dead man
Philip De Vere Hunt, aged 64, of Ardmayle House, Cashel, Co Tipperary, was found dead at his cattle mart property in Cashel on December 18, 2012, the day a case over the debt was due to be heard.
At his inquest, coroner Paul Morris said Mr De Vere Hunt’s dealings with Nama, which had taken over the €31m debt to AIB, had “brought him to the end of his tether”.
Before he ended his life, he left a “very, very sad note” which described his “sense of desperation” on the matter, Mr Morris said.
He feared that the family farm could be taken away from them, Mr Morris said.
The coroner also said it was “time that someone shouted stop” regarding the banks’ approach to debtors.
Subsequent to his death, proceedings seeking judgment for the €31m against him were adjourned pending progress on administration of his estate.
Nama company, National Asset Loan Management Ltd (NALM), later alleged that prior to his death, Mr De Vere Hunt had transferred debt-free property to his son Robert.
NALM then applied to have that transfer declared void and sought to reconstitute the proceedings against the estate.
A firm of solicitors acting for the family took over the administration of the estate and they sought to file a new defence and counter-claim to NALM’s judgment proceedings.
The estate sought an order from Mr Justice Brian Cregan that the 2009 Nama Act does not require leave of the court to deliver that defence/counter-claim. If such permission was required, an order to that effect should be granted by the court.
Mr Justice Cregan granted leave to the estate to make, in its counter-claim, a plea of there having been a mutual mistake between the parties as to whether Mr De Vere Hunt enjoyed limited liability for repaying the loan when the loan agreement was entered into.
The judge refused to grant leave to allow them plead breach of contract against NALM and said such a claim should be made directly against AIB if the defendant so wished.
Mr Justice Cregan also refused leave to pursue a misrepresentation claim against Nama and said that should also be made against AIB, if so wished.
He said the defendant did not actually require leave of the court to pursue Nama for misrepresentation or delay claims or to challenge the constitutionality of parts of the Nama Act.
Mr Justice Cregan said Mr De Vere Hunt and Pat Moloughney, Newpark, Dualla, Cashel, Tipperary, were party to a loan agreement with AIB in June 2010 in which they were advanced around €30m.
The two men’s company, BPD Capital, was behind a 77,000 sq ft shopping centre at Old Cork Rd, Cashel. They failed to repay the loan on agreed terms, AIB claimed.
