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Nicola-mod
Nicola-mod, Moderator
Category: Republic of Ireland Law
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Mr X goes into bank in 2007 and borrowes €1m on the basis

Customer Question

Mr X goes into bank in 2007 and borrowes €1m on the basis on valuations and rent ,pays away until the crash comes in 2008 ,so to factors totally put of his control, he can pay interest only. The bank wants principle so Mr X is such a good guy they do not put in a receiver but sell off loan at 20% to vulture capital .I believe Mr X should get the option of buying his loan first. Basically I believe the 2008 crash was unique in that events were totall out of people's control to honour contracts. Would common law be of any help here apart from normal due process ie "harm no man or his pretty" Sincerely ***** ***** XXXXXXXX @yahoo.com

Submitted: 1 year ago.
Category: Republic of Ireland Law
Expert:  LondonlawyerJ replied 1 year ago.
LondonlawyerJ :

Hello I am a solicitor with 20 years experience. I will try to help you with this.

LondonlawyerJ :

The crash of 2008 did not lead to an end of contract law which continued to apply in the usual way. If the Bank had the right under the contact as signed to sell off the debt to factors then they had that right whatever happened in the economy generally.

JACUSTOMER-obrihorq- : let's talk maybe phone might be best I can ring you
LondonlawyerJ :

No we need to keep it on this thread.

JACUSTOMER-obrihorq- : Then where can I get common law into this "harm no man or his property
LondonlawyerJ :

You can't a general principle like that is no use against the terms of a contract. That principle doesn't really exist as part of English law.

JACUSTOMER-obrihorq- : It appears to me in the Suez crisis I think in 1956 when Nasser closed the canel ,there were all kinds of writs that contracts were broken by the shippers in delivering goods , these cases failed because it was beyond the control of the shippers ,how can I convert something like this to my advantage
LondonlawyerJ :

Taking on a risk that goes wrong because of changes in the market is quite different to ships stuck in and at either end of the Suez canal during a war.

JACUSTOMER-obrihorq- : believe me the crash here was as bad as any war and a contract is a contract ,so is it worth trying as a precedent ,it would have been impossible to live up to a financial contract in the last few years
Expert:  ajlaj01 replied 1 year ago.
Hi,
Thank you for your question and welcome.
I will try and assist you.
The Suez Canal series of litigation was mostly based on the fact that the ships were delivering "perishable" goods and this was a force majeure situation. Two separate elements to consider.
What you are suggesting is the economic crash was "force majeure" - therefore the contract became unenforceable and frustrated.
As a starting point is Mr X even in a position to buy the debt?
Kind regards
AJ
Customer: replied 1 year ago.

Money is available right now to give more than than the 18% being given by say Lone Star William XXXXXXXXX

Expert:  ajlaj01 replied 1 year ago.
Hi<
Thank you.
What are the vulture fund looking to do with the loan?
Kind regards
AJ
Customer: replied 1 year ago.

They will no doubt try and maximise their profit by selling off the portfolio every way they can,probably put in a receiver if I do not cooperative William XXXXXXXXX

Expert:  ajlaj01 replied 1 year ago.
Hi,
Thank you.
Do you have any other security you can offer to the bank?
Kind regards
AJ
Customer: replied 1 year ago.

I offered the bank to sell a farm €400,000 and 350000 in cash bringing us up to €750000. They had put in a pre-receiver who is supposed to be working for me ,at least I pay him, but he' is really working for the bank,however I would say he was OK . They estimated they would get about €1M if they put in a receiver with my good will -take his fees off this and you are probably left with €750000. Without my goodwill ,in Ireland,they might wind up with €250000. Their problem is they do not want to be seen to take such write downs they prefer to give it in bulk to third party .I have no other security to give Sincerely ***** *****

Expert:  ajlaj01 replied 1 year ago.
Many thanks.
I am reviewing this now.
Kind regards
AJ
Expert:  Nicola-mod replied 1 year ago.
Hello,
It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you with your question, but sometimes finding the right professional can take a little longer than expected.
I wonder whether you're OK with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 1 year ago.

Hi Nicola, Many thanks for your efforts .I am in no hurry take your time Sincerely ***** *****

Expert:  Nicola-mod replied 1 year ago.
Hello,
We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola
Expert:  Nicola-mod replied 1 year ago.
Hello,
I apologise as we have not yet been able to find a Professional to assist you. Do you wish for me to continue to search for someone to assist you or would you like for us to close your question at this time?
Thank you for your patience,
Nicola
Expert:  Nicola-mod replied 1 year ago.
Hello,
Please understand it is rare for us not to be able to find the right Professional to assist our customers. We can close this question and return your good faith deposit to the original funding source on request.
Please let me know how you wish to proceed and again I apologize for any inconvenience this may have caused.
I hope you will give JustAnswer a try again in the future,
Nicola
Customer: replied 1 year ago.

Hi Nicola, Sorry it didn't work out you can refund at your convienience William XXXXXXXXX

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