The borrower defaulted on loan agreements after a restraining order had been made against all of his property under the Criminal Proceeds Confiscations Act. The borrower had previously been given consent to sell the security property to a company, although his wife turned out to be the sole director and shareholder of that company. In any event, she could not obtain finance. The borrower also appeared to be renting the premises (in contravention of his restraining order) to another company.
The Judge stated that it was clearly a situation where the bank was entitled to vacant possession of the property and that “there can be no sensible argument against the bank being granted those orders”. The borrower was ordered to give the bank vacant possession.