Mortgage

The defendant valued a commercial property for the claimant which was security for a loan. The tenant of the property became insolvent and the property was in the process of being sold for a price far below the valuation. The claimant brought a claim for professional negligence against the defendant company which went into liquidation in 2012. It sought judgment for €58,400,000, being the difference between the valuation of the property at €135m and what the claimant contended was the true market value at €76.6m. The Commercial Court concluded that the true value of the property as at December 2005 was €103m and that the defendant had therefore “negligently” overvalued the property by €32m.