A Significant Court choose has refused to grant summary judgment versus the estate of the late skilled golfer Christy O’Connor Jnr in a dispute above how significantly was reached from a house sale to support pay off the estate’s money owed.
Bank of Eire is looking for judgment towards Ann and Nigel O’Connor, as individual associates of his estate, about financial loans taken out by the late golfer to invest in a quantity of Co Carlow rental qualities.
In a just-published judgment, Ms Justice Marguerite Bolger explained she considered the O’Connors may perhaps have a defence to the bank’s claim and may perhaps be able to enhance their place by way of trade of documents and/or oral testimony at demo.
For this rationale she was not happy to allow for the lender to enter remaining judgment over the financial loans and refused its software.
Christy O’Connor Jnr had 17 qualified wins and two Ryder Cup appearances. He died suddenly in 2016 at the age of 67.
Ms Justice Bolger mentioned there was no dispute that monies are thanks on loans taken out by the golfer.
At difficulty is the O’Connors’ counterclaim that selection 10 Mount Woseley Courtroom in Tullow, Co Carlow, was placed on the industry by a receiver at an undervalue based mostly on a valuation they allege was cast.
The consequence, they assert, is that the residence was bought at an undervalue and the reduction in their personal debt was less considerable than it ought to have been. They even more allege this undervalued sale negatively afflicted their separate attempts to offer two adjoining qualities also included by the financial loans.
The choose mentioned that Ann and Nigel O’Connor have issued independent proceedings versus the lender in relation to the same residence at challenge in this situation.
The disputed valuation of in between €190,000 to €200,000 for variety 10 purports to have been manufactured by a nearby auctioneer who experienced earlier valued the home at €240,000. The O’Connors say the disputed valuation suggests a sale by auction whilst a sale by personal treaty experienced formerly been encouraged, mentioned the choose.
They even further say there was a reduction in the sale rate of a community comparative residence in the disputed 2nd valuation report.
The O’Connors contend that figures 11 and 12 proceeded to market for €255,000 and €240,000 respectively in early 2021, even though selection 10 sold for €215,000 in later 2018.
Counsel for the financial institution stated the next valuation report was taken at encounter worth by the receiver and his personnel and that this valuation was more in line with yet another valuation report well prepared by a various auctioneer.
The financial institution argues that the reality amount 11 and 12 offered for figures well in excessive of that accomplished for range 10 implies any attainable adverse effect from its guide price for quantity 10 was neutralised. As a result, it submits, the O’Connors have no counterclaim and no defence to these proceedings.
The choose observed the O’Connors intend to subpoena the auctioneer and to look for paperwork from the lender, the receiver and the two valuers in relation to variety 10, the decide pointed out.
Ms Justice Bolger claimed the court will have to be satisfied the O’Connors have no defence prior to it can enter a summary judgment. The origin and accuracy of the disputed valuation “may give rise to a defence” and there are relevant paperwork that have not nevertheless been exhibited before the court docket, she included.