The brothers say that the vulture fund was concocted in order to put them in the street

Brothers Brian and David Stenson, two businessmen, told the High Court that a "vulture fund" would have concocted the wrongful appointment of a receiver on a commercial property they own in Finglas, County of Dublin.

Jarlath Ryan Bl for the brothers told the court today that Promontoria (Oyster) DAC does not have the right to appoint Mr. David O. Connor as receiver on the property of Century Business Park in Finglas.

The lawyer said that his clients are not in default of payment of loans acquired by the fund from Ulster Bank in 2004, and that the fund is trying to effectively put it "on the street".

Mr. Ryan, informed by Downes Solicitors, explained that it is the case of his client that the fund seeks to impose the premature payment of a debt of these under the loans.

Lawyers said last February and September that the fund had issued claims of just over 2 million euros, claiming that its clients had defaulted on loans that Promontoria had acquired from the bank. Ulster bank in 2016.

While its clients reject the fund's claim that they defaulted, in October the fund appointed Mr. O. Connor as receiver at the scene.

Following their appointment, the two brothers sought various orders against Promontoria and Mr. O Connor of BDO, including injunctions preventing the defendants from infringing on their property rights and property rights. 39 alienate, use, lease or sell their property.

In their proceedings, Brian Stenson of Donabate, County Dublin, and David Stenson of Malahide, County Dublin, also request that no breach of the loan agreement be committed.

They also seek to argue that Promontoria is bound by the terms of the loan agreement acquired from Ulster Bank and that Mr. O. Connor is not entitled to act as receiver of the property .

The Stensons took out loans from Ulster Bank for just over 2.23 million euros, which they used to acquire the unit.

Loans should not expire before 2029. The lawyers said the premises had been rented to a wholesale pet food company.

However, a new tenant, a logistics company, has been in place since 2017.

The lawyer said that Promontoria had refused to consent to the new lease. He said that this refusal was without commercial justification or merit.

The lawyer explained how her clients could pay the mortgage if she had no tenants in place, adding that the lack of consent was an attempt to create an artificial defect so that the "Vulture fund" can call on loans.

The lawyer said the loan payment is fully up to date and that Promontoria ignores the correct construction of the loan agreements.

Justice Léonie Reynolds was seized of the case today.

The judge allowed Mr. Stenson's lawyers, ex parte, to serve a brief notice of proceedings on the fund and Mr. O. Connor.

The case will come back to court next week.