Let the floodgates open says Mr Justice Garrett Simons. And be damned.
Pamela Flood, Ronan Ryan avoid immediate loss of home after court appeal
Couple had appealed against circuit court order in favour of so-called vulture fund
Ronan Ryan, husband of former Miss Ireland and TV presenter Pamela Flood, has won his High Court appeal over a decision allowing a financial fund to execute a possession order for the couple’s home in Clontarf.
Mr Ryan opposed execution of the possession order because he had obtained a protective certificate giving him a period of protection from his creditors as part of his application for a personal insolvency arrangement (PIA).
His appeal was against a Circuit Court decision last August allowing Tanager DAC to enforce possession of the home of the couple and their four young children at Mount Prospect Avenue.
In a judgment on Monday, Mr Justice Garrett Simons said Mr Ryan was entitled to avail of the protective certificate which “continues in force”.
The judge said he would not allow Tanager to enforce an order for possession of the couple’s home or to sell the €900,000 property and he would set aside the Circuit Court decision in favour of Tanager.
Mr Ryan, a well-known restaurateur, has a €1.2m mortgage debt on the property.
Ms Flood was a notice party to the proceedings.
Mr Ryan had consented last March to the making of an order for possession in respect of the house in favour of Tanager, subject to a four-month stay on execution of that order.
The house was to have been vacated by July 9th but Tanager claimed the couple and their family did not leave.
Instead, Mr Ryan brought proceedings under the Personal Insolvency Act and obtained a protective certificate from the Circuit Court in late June.
The certificate prevented Tanager from executing the possession order against the couple’s home pending the determination of the application for a PIA.
Tanager, which acquired the loan Mr Ryan took out on the property, opposed the appeal and had argued it was fundamentally unfair if the existence of the protective certificate was allowed to derail its order for possession.
Why are we paying mortgages at this rate. Isn’t it rational that we all stop