Danske Bank will move quickly to sell the property assets it has seized from John Perry, the Minister of State for Small Business, against whom it recently secured a court judgement for more than €2.4 million.
A receiver installed by the bank, Stephen Tennant of Grant Thornton accountants, has already appointed selling agents for the assets and a valuation report is due to be completed in coming weeks.
The bank yesterday declined to confirm a Sunday newspaper report that it had taken over some of the Minister’s Sligo property, over which it held security in relation to loans taken out by him and his wife in October 2011.
Several sources confirmed to The Irish Times, however, that Danske appointed a receiver on July 22nd. As the matter involved the appointment of receivers to the assets of individuals, as opposed to those of a company, there was no requirement to advertise the seizure in newspapers. Mr Perry and Mr Tennant both declined to comment yesterday.
The move will increase pressure on the Minister, who has faced calls to step down. Mr Perry last month consented to the High Court judgment against him, although the registration and execution of the judgment has been delayed by the court until September 2nd.
It is understood the bank has seized control of four assets. These include a shop building in Ballymote, Sligo, where the tenant is the Barry retail group, and a building next door where the tenant trades as the Stone Park restaurant. Both tenants are unaffected and are not party to proceedings.
It is understood the receiver wrote to both businesses and requested all rent payments be made directly to Grant Thornton, not to Mr Perry.
Danske has also taken control of a 14-acre site surrounding a dilapidated cottage outside Ballymote, as well as a site in Clooncoose, Ballymote, which is used for forestry.
It is understood the bank and receiver have engaged legal experts to closely examine title documents for this site. If it turns out the bank only has security over the land, then Mr Perry may be entitled to submit a claim to continue using it for forestry, complicating any move to sell the land.
Mr Perry has four weeks to reach an agreement with Danske to settle or refinance his debts, following which the judgment will implemented.
If the judgment remains unpaid, the bank will be entitled to seek to have him declared bankrupt, barring him from the Dáil.