Promontoria (Aran) Ltd v Burns  IECA 87.
In this recent Court of Appeal Judgement the Court ruled that the Affidavits lodged on behalf of Promontoria to support their claim for judgement of €27 million against the Defendants, which had been sworn by a Senior Asset Manager of Link ASI who had not been involved in the original loan transaction, were inadmissible hearsay. The Court concluded that the evidence laid out in the Affidavit only confirmed what Promontoria had been told by the original Bank who had sanctioned the loan to the Defendants. The Court held the Affidavits amounted to “classic hearsay”. Vulture Funds will, in particular, as a result of this decision, have much more onerous hurdles to overcome to ensure that their proceedings do not fall foul of this decision.
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