Former Irish rugby player Frankie Sheahan and his brother could face a bank repossession of a number of properties following a High Court ruling on a dispute over alleged non-repayment of loans.
Ms Justice Iseult O’Malley said the proceedings related to borrowings by Joseph Sheahan (above left), and his brother Frank Sheahan jnr (right).
The brothers had challenged the validity of Bank of Ireland Mortgage Bank’s appointment last year of chartered accountant Michael McAteer as receiver over certain properties, after Bank of Ireland demanded loans on the properties be repaid in full after the borrowers defaulted.
Ms Justice O’Malley said she must conclude that the bank intended to be bound only by the written terms of agreement and the borrowers knew that.
“The undoubted fact that neither Joseph nor Frank Sheahan jnr had, at the time of being given loans, the income to support capital repayments on all their loans supports the view everyone concerned assumed that something of this sort would happen.”
However, she added, the court must find the contracts actually entered into were not founded on those assumptions.
