Court grants injunction to bank after Galway man refuses to hand over property
A Co Galway couple have been restrained by the High Court from interfering with a receiver appointed by a bank to take over their five-store retail development.
Barrister Peter O’Brien told the court today that Peter and Laura Dillon had borrowed €2m to develop the units in the village of Corrandulla near the shores of Lough Corrib.
He said the loan had been secured on the commercial development which included a pharmacy, hair salon and a takeaway, but repayments on the loan had fallen into arrears.
Mr O’Brien said KBC Bank had called in the loan and on failure of repayment on September 19 last the bank had appointed Brian McEnery as receiver.
The receiver had called to take possession of the development last Wednesday and had been met by Mr Dillon, who refused to hand over possession. There had been a non-violent altercation with him.
Dermot Kilfeather, solicitor for the receiver, told the court in an affidavit that some, if not all, of the units were occupied and any rents that may be arising from leases would constitute a daily loss to the bank.
Ms Justice Maureen Clarke granted an interim injunction to the Receiver and put the matter into the High Court chancery list in the new law term on October 2.
The judge said she had often heard of the financial institution concerned, but no-one had been able to tell her what the initials stood for.
Two Belgian banks, Kredietbank and CERA Bank and a Belgian insurance company, ABB, merged in 1998 to create the KBC Bank.
