Launceston Property Finance Ltd v Burke

• Jurisdiction: Ireland
• Judge: Mr. Justice Robert Eagar
• Judgment Date: 05 October 2018
• Neutral Citation: [2018] IEHC 552
• Docket Number: [RECORD NO. 2008/499 SP]
• Court: High Court
• Date: 05 October 2018

BETWEEN

LAUNCESTON PROPERTY FINANCE LIMITED

PLAINTIFF

AND

FRANK BURKE

AND

LORNA BURKE

DEFENDANTS

[2018] IEHC 552

[RECORD NO. 2008/499 SP]

THE HIGH COURT

Title of proceedings – Amendment – Order for possession – Appellant seeking an order amending the title of the proceedings – Whether the provisions of the Companies Act 2014 justified making the order

Facts: The plaintiff, Launceston Property Finance Ltd, applied to the High Court, by way of notice of motion dated the 11th December, 2017, seeking the following orders: 1) an order pursuant to Order 17 Rule 4 of the Rules of the Superior Courts that the court amend the title of the proceedings from Launceston Property Finance to Launceston Property Finance Designated Activity Company; 2) such further and other relief as may be necessary or appropriate; and 3) an order providing for the costs of, and incidental to, this application. The matter was heard by the court on the 20th July, 2018. The proceedings were an appeal of an order for possession by McGovern J in the High Court on the 25th March, 2010, which was appealed on or about 1st October, 2010.

Held by Eagar J that the provisions of the Companies Act 2014 justified the court in making an order amending the title of the proceedings from Launceston Property Finance to Launceston Property Finance Designated Activity Company.

Eagar J held that he would make an order amending the title of the proceedings.

Title of proceedings amended.

JUDGMENT of Mr. Justice Robert Eagar delivered on the 5th day of October, 2018.

1 This is a judgment on an application by way of notice of motion dated the 11th December, 2017, to amend the proceedings from Launceston Property Finance Limited to Launceston Property Finance Designated Activity Company. The plaintiff sought the following orders: -

1. An order pursuant to Order 17 Rule 4 of the Rules of the Superior Courts that this Honourable Court to amend the title to the Proceedings from Launceston Property Finance to Launceston Property Finance Designated Activity Company;

2. Such further and other relief as may be necessary or appropriate; and

3. An Order providing for the costs of, the incidental to, this Application.

2 The matter was heard by this Court on the 20th July, 2018. The notice of motion is grounded on the affidavit of Donal O'Sullivan, Director of Launceston Property Finance DAC which sets out the background to the matter. The court is directed to the Order of the Supreme Court dated 27th July, 2017. The proceedings were an appeal of an Order for possession by McGovern J. in the High Court on the 25th March, 2010, which was appealed on or about 1st October, 2010.

3 Following the nationalisation of Irish Nationwide Building Society and Anglo Irish Bank in or around 2009, a new entity was formed in 2013 known as the Irish Bank Resolution Corporation (IBRC). Pursuant to the Irish Bank Resolution Corporation Act, 2013 that company was put into special liquidation in February, 2013.

4 The special liquidators of IBRC, being the owners of and having full legal title to the credit facilities the subject matter of the within proceedings, agreed to transfer and assign absolutely onto Launceston Property Finance Limited the entirety of IBRC's right and benefits in these and other such facilities. The Loan Sale Deed became effective on or about 28th March, 2014.

5 On the 23rd May, 2014, the Deed of Transfer was executed, whereby the entirety of the credit facilities concerning the defendants and the subject matter of the within proceedings were transferred to Launceston Property Finance Limited. The defendants were informed of the transfer on the 6th June, 2014. On the 26th June, 2014, Pepper Asset Financing wrote to the defendants informing them of their appointment by Launceston...