ICSA in protest over vul­ture fund sales

Irish Independent - Farming - - NEWS - DE­CLAN O’BRIEN

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

Newspapers in English

Newspapers from Ireland

© PressReader. All rights reserved.