The High Court has granted an injunction to a couple in Cork preventing the sale by a Receiver of their property, a dairy farm and other property such as woodlands.
There are a couple of points worth noting:
- The sale does not include their family home
- The sale has been halted not because of any legal impediment to Pepper appointing a Receiver on foot of unpaid loans unpaid but because the couple made the arguable case that the Receiver was proposing to sell at less than market value. The couple had a valuation showing the value of the property at nearly twice the value that the receiver had obtained
This case is not authority for the proposition that there is any difficulty with a Receiver selling property where he/she has been appointed by a charge holder. In fact, it is proof that there are not such legal barriers.