Saturday 19 August 2017

High Court refuses to block receiver from selling pub

Stock image
Stock image

Tim Healy

A FUND-appointed receiver can sell a Dublin city pub property after a High Court judge refused to grant injunctions restraining the sale.

Receiver Michael McAteer has received bids of about €1.6m for the property comprising Nash's bar and upstairs offices and a residential unit, located at the junction of Patrick Street and Kevin Street.

Ennis Property Finance appointed the receiver last December on foot of repayment demands issued from August 2016 after it acquired loans concerning the property from Bank of Scotland (BOS).

The fund opposed proceedings initiated last October by builder Paul O'Reilly, of O'Curry Avenue, South Circular Road, Dublin, and his company Donore Garages Ltd (DGL), with offices at Harold's Cross Road, Dublin, aimed at restraining sale of the property.

The fund claimed Mr O'Reilly had provided a guarantee over loans concerning the property made by BOS to DGL.

Mr O'Reilly argued he and DGL had reached a "binding" agreement with BOS in 2014 to buy out various loans at agreed prices and that agreement involved five separate settlements.

Four of the five settlements had been completed, on foot of which the plaintiffs had bought back loans and security for 10 of 11 properties.

The outstanding property was the Nash pub property, he said. He claimed the fifth partially-completed settlement initially envisaged a single payment of €2.1m, of which €1.85m had been repaid. While stressing his decision did not involve a final determination of the issues raised, the judge found Mr O'Reilly had not made out an arguable case for the injunctions.

Irish Independent

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