Commercial Court to consider dispute over apartments
Seaconview brought proceedings relating to loans it acquired from Ulster Bank in 2015
Financial fund Seaconview acquired loans connected to the properties under dispute in 2015 from Ulster Bank. Photograph Nick Bradshaw
A dispute between a receiver appointed by a financial fund and the owners of more than 30 apartments in various locations around the country has come before the Commercial Court.
Seaconview DAC and receiver Anne O’Dwyer have brought proceedings against Chevas Securities Ltd, and James and Conor Fagan over apartments at Royston Village in Kimmage, Dublin, and other properties in Sligo, Dundalk and Galway.
Ms O’Dwyer, who was appointed as receiver over the company and James Fagan’s assets by Seaconview last December, is seeking an injunction preventing the defendants interfering with the receivership or trespassing at the properties.
At the Commercial Court on Monday, Mr Justice Brian McGovern said he was satisfied the dispute should be admitted to the fast track list.
Solicitor Domhnall McKevitt, representing Chevas and James Fagan (also known as Seamus Fagan), of Straffan, Co Kildare, opposed the receiver’s application to have the case admitted.
Mr McKevitt said his clients took “a certain view of the application,” and said there had been negotiations with the fund for some time. It was not a case where his clients had “sat on their hands”.
There was also an issue over the amount of money the fund claims it is owed, Mr McKevitt added.
The injunctions are also sought against Mr Fagan’s son, Conor, with an address at Highfield Road, Dublin 6, who the court heard was currently out of the country.
In their proceedings, the plaintiffs, represented by Rossa Fanning SC, claim the fund is owed €9.2 million by the company and James Fagan. The debt arises from loans advanced by Ulster Bank to a number of parties including Chevas and James Fagan to acquire the various investment properties between 2002 and 2007, it is claimed.
The fund acquired the loans from Ulster Bank in 2015 and says a demand on the company and James Fagan for payment has not been satisfied.
As receiver, Ms O’Dwyer said she was entitled to rental income from the properties, which all have tenants. She said a management company employed in respect of the apartments in Kimmage, which has a monthly rental income of €36,000, experienced resistance in collecting rents from Conor Fagan.
She said the company and James Fagan have also, through their solicitor, sought to challenge the validity of her appointment as receiver. As a result, she and the fund had brought proceedings seeking various injunctions.
The matter returns before the court later this month.