Republic of Ireland Law
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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
Hello I am a solicitor with 20 years experience. I will try to help you with this.
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.
No we need to keep it on this thread.
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.
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.
Money is available right now to give more than than the 18% being given by say Lone Star William XXXXXXXXX
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
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 ***** *****
Hi Nicola, Many thanks for your efforts .I am in no hurry take your time Sincerely ***** *****
Hi Nicola, Sorry it didn't work out you can refund at your convienience William XXXXXXXXX