12 Sep 2018
IFA OPPOSES LAND SALE IN CO MEATH BY VULTURE FUNDSFarm Family
The Irish Farmers Association is opposing the forced sale of lands in Co Meath by vulture fund Promontoria, which is trying to force a family to sell some of their land to settle debts.
The land is due to be sold by online auction in the coming weeks. IFA Farm Business Chairman Martin Stapleton said IFA would oppose the forced sale as the family is willing to implement a credible solution. “Vulture funds have no understanding of the family farm and they are focused only on getting their money. It is not acceptable for vulture funds to force a sale of land and cash in debts they have bought from a bank when there is a viable alternative.”
Martin Stapleton said he would be asking the farming community to stand together with the McCann family and stand back from any forced sale.
“Our debt support team has looked at this case in detail, we have sought professional advice and we are firmly of the view that this farmer has put a very credible proposal to make structured repayments.”
Martin Stapleton said farm families should be given time to repay their debts over a longer term to keep the farm intact and IFA is standing behind farmers who are committed to implementing a credible solution.