Publisher allowed keep home following settlement of dispute with financial fund
The former publisher of The Dubliner magazine and food critic, Trevor White, has resolved a High Court dispute with a financial fund which will allow him to keep his family home.
In separate but related proceedings, the fund secured a judgement for €3.9m against Mr White's parents Peter White and Alicia White, and two related companies for the balance of monies it claims are outstanding from various loans advanced over a decade ago.
The actions concerning Trevor White and members of his family were taken by Feniton Property Finance DAC, and arose following the breakdown of a settlement agreement entered into in May 2017 in relation to a number of loan facilities advanced in 2005.
The loans were from Bank of Scotland Ireland to Peter, Alicia and Trevor White, and a related company to a trust into which ownership of the house at Mountpleasant Square, Ranelagh, Dublin.
The trustees of the trust, the Mountpleasant Settlement, are Trevor White and his parents. The loans were later bought by Feniton.
Feniton made a demand for payment of those loans, which it claims was not satisfied.
Following the breakdown of the settlement agreement the fund appointed Ken Tyrrell as receiver and issued proceedings, seeking judgement against Trevor, Peter and Alicia White.
Feniton and the receiver also sought an injunction against Mr White, his wife Susan Jane White, and his parents seeking possession of the property.
The dispute, which was opposed, was listed before Mr Justice Michael Quinn on Friday.
Rossa Fanning SC with Stephen Byrne Bl for Feniton said that following negotiations the matter had been resolved on terms that would have the effect of allowing Trevor White remain in his home.
Counsel said it had been agreed that judgement is to be made in favour of Feniton for a sum of €1.2m, and a declaration was to be made that the receiver is entitled to possession of the property.
Those orders counsel said are to be stayed for a period of six months. During that period it was agreed that certain payments are to be made to the fund, which if made will allow Mr White to remain in the property.
Keith Farry Bl for Trevor White, Arthur Cunningham Bl for Susan Jane White, Gavan Mooney SC for Peter White and Jarlath Ryan BL for Alicia White all told the court that they were consenting to the settlement agreement.
In separate cases, Mr Justice Quinn ruled that Feniton was entitled to summary judgements totalling €3.9m against Peter and Alicia White, and against two companies Dublin Land Securities Ltd, and Blue Nile Holdings Ltd.
Feniton sought the summary judgements over monies loaned to the respondents to fund the purchase and refurbishment of properties at Wellington Road, Heytesbury Lane Dublin 4 and St Stephen's Green Dublin and were put into investment funds.
The loans were advanced by BOSI between 2006 and 2008 and were acquired by Feniton in 2015.
Following an alleged default on the loans, the parties entered into a settlement agreement in 2017 in respect of the amounts allegedly due and owning.
However, the settlement agreement was terminated, resulting in the dispute being admitted to the fast track Commercial Court list.
The applications were opposed and it was claimed that an arguable defence had been raised by the defendants and the cases should go to a full plenary hearings.
The defendants made a number of complaints including about how Feniton and the receivers appointed by it, who had disposed of certain assets owned by the defendants to reduce their indebtedness after the 2017 agreement broke down, had conducted themselves.
Peter White had indicated to the court a willingness to consent to judgement for an undisputed amount.
In his judgement, Mr Justice Quinn said he was not persuaded by the defendant's arguments that the defendants in these cases had raised an arguable defence to the fund's claim for summary judgement.
The Judge said the defendants had claimed the fund was unduly aggressive and had taken unfair advantage of its position given that it had purchased the loans at a discount.
The Judge said the defendant's complaints did not go to the validity of the claim for repayment of the overdue balances and cannot form the basis of an arguable defence.
The defendants the judge said did not offer evidence to challenge propositions including that the loans were past their due dates for repayment, that money had been advanced on the terms exhibited to the court, that the loans were in default and the terms of the settlement agreement were not met by the defendants.
The Judge also noted that one aspect of the action, a claim of €530,000 for "default" interest applied to the account of Dublin Land Securities Ltd, should be remitted for a plenary hearing.
Following his decision, Mr Justice Quinn agreed to put a stay until December 31st next on the execution of the judgments against Peter and Alicia White.
