Repossession of local corner shop postponed after court asks for 'consideration'
on 14/08/2013 13:53:13
The court heard shopkeepers Anthony and Ann Elliott have no savings and will be left without a livelihood and any means of supporting themselves once they lose their business.
The High Court President, Nicholas Kearns, described it as another tragic case where a decent man and his wife have fallen into arrears on loans they entered into in good faith.
He said he had no choice but to allow ACC Bank's receivers take possession of an investment property and a corner shop at Griffith Place in Waterford owned by Anthony and Ann Elliott.
The court heard they have failed to make any payments on the two mortgage loans since 2008 and the arrears now stand at €590,000.
The receivers say their agents were met with threats and intimidation when they previously tried to take control of the business - a claim rejected by 60-year-old Anthony Elliott who believes he and his wife were sold unsuitable endowment loans.
The receivers will move in on the properties but they have agreed to a three-month stay after the judge asked them to show consideration for the Elliott's situation.