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Senior Partner
Senior Partner, Solicitor
Category: Law
Satisfied Customers: 13323
Experience:  Solicitor with more than 30 years experience
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my mortgage deed/indenture is with a bank incorporated in the

Customer Question

my mortgage deed/indenture is with a bank incorporated in the republic of ireland...it has been transferred to a UK subsidiary of the bank by a court order from the high court in London pursuant to part vii of the financial services and market act 2000. I was not notified of this transfer, it is not a contractural right in the indenture...there is no agreement from me whatsoever...the burden and benefit has transferred to the uk bank...is this not Novation as the original bank has been replaced by another legal entity in a different jurisdiction?
Submitted: 2 years ago.
Category: Law
Expert:  Senior Partner replied 2 years ago.
Hi thanks for your question. If a court approved transfer has taken place under Part VII of FSMA 2000 then yes there has been a novation so called - it is in effect a novation by operation of law and you are bound by it and cannot do anything about it I am afraid. Your consent was not required - it amounts to a bulk transfer of a portfolio of insurance or banking business and the court acts to determine whether it is fair for all the affected customers.

Customer: replied 2 years ago.

it has been proven that no notification of the transfer was given to me therefore taking away my right to object to the transfer. Under I think section 107 of Part VII of FMSA 2000 I had a right to take part in the proceedings if I was going to be adversely affected by the transfer. Novation must have agreement of the 3 Parties involved....they do not have any agreement fro me. Would the doctrine of alter ego be of use here for me...piercing the corporate veil...the plaintiff boi uk is using employees of boi as witnesses against me...these are two separate legal entities...is this lawful?

Expert:  Senior Partner replied 2 years ago.
No notice of the proposed transfer need be given o you under the regulations. Advertisements have to be placed in certain newspapers. A contractual novation requires 3 parties to consent . In this case the court consents on behalf of the account holders affected. As I said it is a statutory mechanism precisely to allow portfolios of business to be transferred without getting the consent of the individual customers, They do not need your consent. If they have followed the statutory procedure and got he order then there is nothing you can do.

I do not understand the rest of your point.
Piercing the corporate veil does not seem at all relevant. They can call whatever witnesses they want as long as the evidence is relevant to the case. They do not have to be employees of any particular company. the only issue is whether the evidence is relevant.

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