Plaintiff’s property rights would be extinguished if injunction not granted

By: Mark Tottenham BL

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High Court grants an interlocutory injunction restraining a lender and receiver from selling property, where the receiver had been appointed following default by borrowers in repayments of two loans, on the grounds that: (a) one borrower had established a bona fide issue to be tried, in that it was not clear whether one of the loans had been secured over the relevant property; and (b) if the property were sold, the plaintiff's property rights in it would be extinguished, while the grant of the injunction would only postpone the exercise by the defendants of their property rights, so the balance of convenience favoured the injunction.

Application for injunction to restrain sale of house - injunction to restrain interference with occupation and use of property - purchase of property by second plaintiff in 2003 - loan to both plaintiffs in 2006, secured on property - further loan offer in 2007- further letter of offer in 2008 - mortgage of apartments - mortgage of other properties - agreement in 2015 to revise terms - demand of balance in 2017 following failure to meet repayments - appointment of receiver over all properties in 2017 - whether a bona fide issue to be tried - whether damages an adequate remedy.

Note: This is intended to be a fair and accurate report of a decision made public by a court of law. Any errors should be notified to the editor and will be dealt with accordingly.

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