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Almost four years ago RTE broadcast an interesting documentary on who was buying Ireland. The program focused on the hundreds of millions of property and business loans, Irish banks had been selling largely to USA private equity funds.   As we approach Christmas 2017, we are now seeing the out-workings of the decision made by most of the Irish and UK banks to implement this policy of selling non-performing loans. 

We have known for some time at GDP, that the Private Equity funds who have bought the majority of the NPL’s in the last number of years, have been moving in on many borrowers.

In yesterdays Sunday Business post this has yet again been officially confirmed as the last quarter of this year has seen an uptick in High Court actions by “vulture debt holders” chasing professionals and business people, whose distressed bank debt they now own.

It is reported now on a daily basis that a new set of court proceedings seeking summary judgment on debt is lodged with the courts, by one or other of the vulture funds.  This has certainly put the wind up many of those whose debt has been sold, as if it gets to this point, the borrower would certainly be deemed to be on the back foot.

AT GDP this year alone we have settled quite a number of cases with private equity funds on behalf of our clients whose loans had been sold.  In January 2017 we reached agreement on a loan whereby the fund agreed to take a haircut of some €220,000, which allowed the debtor to retain control of the property and in doing so the fund was satisfied it had maximized their return from the trade.

In the last two weeks we have had another successful outcome to a deal whereby one of the funds accepted €10,000 for a debt that totaled €100,000.  It’s important to point out that every case is judged on its own merits, but the pressing point being that the borrower needs to be on the front foot of these situations as opposed to the back foot.


 If your loan has been sold its imperative you engage with the fund to try and reach some kind of deal with them.  At times this is easier said than done, however the ostrich approach, where you ignore letters and don’t engage is likely to bring a very negative conclusion to your case.

If you need any advice in this regard, our team of seasoned professionals would be delighted to assist you with this process.  The start of any recovery process starts with you taking action.  Feel free to get In touch with our team in Belfast or Manchester today for more information.

Conor Devine1 Comment