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By: Mark Tottenham BL, on August 27th, 2013
In Re Ronan [2013] IEHC 386 (High Court, Laffoy J, 15 August 2013)
High Court, on the application of a receiver of rental properties, directs: a) that funds arising from the sale of property be first applied in discharge of debts to the creditor; b) that funds arising from the sale of other property be applied in such manner between two accounts as the receiver considered to be in the best interests of the creditor; c) that the receiver was entitled to collect arrears of rent arising prior to his appointment; and d) that the arrears of service charge should be applied in discharge of obligations to tenants of the relevant properties.
Appointment of receiver pursuant to mortgage - s. 147 of National Asset Management Agency Act 2009 - application by receiver for directions - s. 316(1) of the Companies Act 1963 - appropriation of receivables - whether monies arising from sale of charged assets to be applied in reduction of indebtedness - entitlement to receive arrears of rent and service charges arising prior to appointment of receiver - entitlement of receiver to use funds within control of management company - discretion of creditor to apply security against debts in any way he sees fit in best interests of creditor - entitlement to collect and receive all arrears - use of arrears of service charge.
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Key Cases Cited
Deeley v. Lloyds Bank plc [1912] AC 756
Re William Hall (Contractors), Ltd. [1967] 2 All ER 1150
Re Foster, Ex p. Dickin (1875) L.R. 20 Eq. 767
Crawford v. Annaly (1891) 27 LR Ir. 523