Value of judgments in favour of vultures up to €75.7m

VULTURE funds have significantly ramped up action against debtors, with a fivefold increase in the value of registered judgments in the past year.

The registering of a judgment is one of the final steps before pursuing a borrower’s assets to clear or partially clear their debt.

Data compiled by debt analysis experts Stubbs Gazette shows funds registered judgments valued at €75.7m in 2018, compared to just €14.4m the previous year.

Stubbs Gazette managing director James Treacy said the figures were not unexpected: “There are no surprises here, as the funds are nearing their end game and escalating their enforcement actions.

“I would expect these figures to increase again in 2019 as they seek to exit the market over the next few years.”

Promontoria (Arrow) Ltd, an affiliate of giant vulture fund Cerberus, secured one judgment against a Co Galway businessman for €30.7m.

Launceston Property Finance, an affiliate of vulture fund CarVal, was the most prolific, registering 13 with a combined value of €28.5m.

Two affiliates of Goldman Sachs registered 11 judgments in 2018 with the value in favour of Ennis Property Finance and Kenmare Property Finance totalling €15.45m.

HavBell, funded by Deutsche Bank, registered four with a combined value of more than €1m.