Ivan Yates launches chal­lenge in court to sale of lands

Gorey Guardian - - NEWS -

FOR­MER min­is­ter Ivan Yates and his wife Dei­dre have brought a chal­lenge in the Com­mer­cial Court over the sale to a bank of lands in En­nis­cor­thy by his bank­ruptcy trustees.

They claim the sale to AIB of the land at Black­stoops, En­nis­cor­thy, is void be­cause the prop­erty in­cludes their fam­ily home.

They have brought pro­ceed­ings against AIB and against Mark Wil­son and Ge­orge Maloney who were ap­pointed as joint Trustees in Bank­ruptcy over Mr Yates’ es­tate by a Welsh Court in 2012. The cou­ple want the prop­erty re­turned to Mr Yates.

They claim the lands in ques­tion fall out­side the bank­ruptcy un­der a pro­vi­sion of the 1986 Bank­ruptcy Act which ap­plies in Eng­land and Wales. This Act, it is claimed, gov­erns as­pects of Mr Yates’s bank­ruptcy.

Al­ter­na­tively, they claim Deirdre Yates has a ben­e­fi­cial in­ter­est in the lands ow­ing to con­tri­bu­tions made by her and the trustees were obliged to bring pro­ceed­ings in Ire­land to de­ter­mine her in­ter­est and ob­tain per­mis­sion from the Ir­ish courts be­fore dis­pos­ing of the prop­erty.

This al­leged fail­ure to is­sue sec­ondary pro­ceed­ings con­cern­ing Mrs Yates in­ter­est was in breach of EU in­sol­vency reg­u­la­tions, it is also claimed.

AIB op­poses the claim and says its abil­ity to re­cover the debts due to it from the cou­ple will be ad­versely af­fected if they suc­ceed in their ap­pli­ca­tion.

AIB ac­quired the lands at the cen­tre of the dispute from the trustees in 2015.

In 2010, the bank loaned €6m to Celtic Book­mak­ers, which it says was owned and con­trolled by the cou­ple.

AIB ap­pointed a re­ceiver over the com­pany in 2011, which went into liq­ui­da­tion in 2012.

Mr Yates was ad­ju­di­cated a bank­rupt on his own ap­pli­ca­tion by Swansea County in Au­gust 2012. The trustees were ap­pointed to his es­tate in 2013. In 2016 AIB se­cured a judge­ment of €1.6m against Mrs Yates.

AIB sought to have the case ad­mit­ted to High Court’s fast track Com­mer­cial Court list on the grounds the bank want the dispute re­solved quickly and the value of the prop­erty ex­ceeds €1m.

Coun­sel for cou­ple said the value of the prop­erty does not ex­ceed €1m and there­fore the thresh­old for ad­mis­sion to the com­mer­cial list had not been reached.

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