Vulture Fund Everyday Finance DAC has been forced to “effectively write off” € 1m of debt it alleged was owed by an Offaly couple involved in a development project in 2007.  See case Everyday Finance DAC  -v- Gleeson and Bracken

The monies as part of the loan agreements were originally advanced by AIB Plc., with Everyday Finance DAC acquiring the loans from the AIB two years ago. In a Judgment delivered by Ms. Justice Marguerite Bolger of the High Court  on the 13th of February 2024, the judge said in her decision that the balance of justice also favoured striking out the proceedings that were commenced in 2013 against the Offaly couple when AIB sought €1m, plus interest, from the couple.

The big issue in this case was the delay exercised by AIB Bank and Everyday Finance DAC in progressing these proceedings, while the action commenced 11 years ago it was not set down for trial until late 2021.

The Judge also remarked, while the plaintiff had offered “excuses” for the delay, including settlement discussions, and a possible complaint to the Financial Services Ombudsman, the court was satisfied that the delay was both “inordinate and inexcusable.”

The judge also noted that any hearing of the case was likely to take place in 2024 some 17 years after the events of 2007 and 15 years after the alleged events of 2009 when there was an alleged further loan agreement.

This case illustrated that Vulture Funds do not have free rein to drop off on progressing a Court action for Debt and then simply pick up again years later at their discretion, and any case that sits around doing nothing for a prolonged period is at risk of being struck out with the debt the Vulture claims is owed being rendered written off.

If you have been affected by any of the issues raised please contact our offices on 071-9162211 or at info@carteranhold.ie to discuss how we may be of assistance.