Loan v Gift – Success at two day trial

Our London based Dispute Resolution Team were recently successful at trial in a claim for a loan advanced in the summer of 2016 for €160,000. Our client gave the loan to two individuals for the purpose of purchasing a property in Europe which never materialised. The funds instead being utilised personally elsewhere. One Defendant admitted that the funds were indeed a loan and were repayable. The other Defendant alleged that the funds were in fact a gift. We were able to secure judgment against the First Defendant at the start of the trial based on admissions that the funds were gifted. Witness evidence was then given by all parties (which differed significantly between each party), and the Court made a declaration that the funds were loaned to both Defendants jointly. Our client was awarded the entire principal loan amount, interest over a five-year period (which was sizeable), and recovery of legal costs, to be assessed.

For details on how the Dispute Resolution Team may be able to assist you in relation to a debt claim, please see here.