In a judgement delivered by the First Hall of the Civil Court on the 26th of February 2020 in the names HSBC Bank Malta p.l.c. vs Tyre Services Ltd et, Mr Justice Francesco Depasquale rejected HSBC Bank Malta p.l.c.’s claim wherein it claimed ownership of a large showroom in Old Railway Road, Santa Venera, and this after the said bank had placed a successful bid animo compensandi on the said property when this was sold through judicial sale by auction. By bidding animo compensandi the said bank claimed it had acquired ownership of the seized property on account of the credit owed to it by Tyre Services Ltd. However, it later transpired that the said property was burdened with various hypothecary debts, which led HSBC Bank Malta p.l.c. to subsequently surrender all its rights over the immovable property and this after it elected not to pay all the hypothecary debts burdening the property, as would have been its legal obligation had it retained possession over the property. Nevertheless, the bank filed action against defendants demanding a declaration of ownership over the said property. The court stated in no uncertain terms that contrary to what was being claimed by the plaintiff bank, the latter did not have any automatic right to retain possession over the property once it had filed a note in the Court registry whereby it formally surrendered same, let alone a claim for ownership. Therefore, the Court outright rejected the bank’s demands and thereby confirmed that ownership of the property still vests in the hands of defendant company Tyre Services Ltd. Defendants were represented by Dr Edward DeBono and Dr Daniel Buttigieg. The judgement can be viewed here.