ICSA in protest over vulture fund sales

VULTURE fund sales of indebted farms online was highlighted by the ICSA when it protested outside the offices of BidX1 in Dublin yesterday.

The online property trading platform has been used in the past by vulture funds as a vehicle to handle the sale of lands and businesses.

The protest went ahead despite BidX1 releasing a statement late last week that it was temporarily ceasing involvement in land sales.

“Due to a lack of an agreed framework between all parties on the sale of agricultural farmland, Bidx1 has decided to cease the sale of agricultural farmland until such time as there is an agreed framework in place,” BidX1 stated.

The ICSA’s Seamus Sherlock said the protest illustrated the continued opposition of farmers to the forced sale of family farms, homes and businesses.

“Families right around the country have been forced into a position whereby their loans have been sold off to vulture funds without any forewarning,” he said.

“We have an obligation to ensure that those who find themselves caught in the grip of vulture funds are afforded every opportunity to come to a reasonable negotiated settlement.

“The prospect of a quick sale is often more attractive than negotiating such a settlement.

“ICSA wants to send a clear message that the rights of homeowners and landowners must not be trampled upon.

“ICSA is calling for the immediate cessation of the sale of distressed properties online on individuals and families who are willing to engage in meaningful discussions.

“We know that in some cases those involved don’t even know their homes and properties are being sold.

“These fire sales are a blunt and crude instrument and we are insisting that the practice be stopped.”

See farmireland.ie