Buyers sued for failing to complete purchase of apartments in Belfast’s Titanic Quarter are to claim they have no money, the High Court heard yesterday.
Several of the 12 customers have confirmed they will be entering a defence of impecuniosity in the action brought by developers. A test case has now been listed to determine whether being bereft of cash can shield them from the proceedings.
Titanic Quarter Ltd, owned by Dublin-based firm Harcourt Developments, is seeking orders for specific performance to compel the defendants to honour their side of the deal.
The firm issued writs against customers who signed up to apartments in the flagship site but are now struggling to secure finance.
Proceedings were triggered by plummeting property prices whichhave left some clients unable to secure mortgages for sales agreed at the height of the market.