'Buy and Sell' appeal to be heard in June
Published 16/05/2014 | 02:30
AN appeal over the planned sale of the troubled 'Buy and Sell' magazine will be heard by the Supreme Court next month.
Chief Justice Susan Denham yesterday fixed June 5 for a priority hearing of the appeal by Dermica Ltd, a subsidiary of the Communicorp company owned by businessman Denis O'Brien, against a High Court decision conditionally permitting a liquidator to accept the higher bid for the publication by its printers, Midland Web Printing Ltd.
That sale was to be executed on May 1.
However, prior to that, the High Court allowed Dermica a period of time to consider if it wanted to raise any issues arising from an affidavit by Neil Hughes, provisional liquidator of Buzreel Ltd, publisher of 'Buy and Sell', who is also the owner of the company's website www.buyandsell.ie.
When an appeal was brought by Dermica, the High Court granted a stay on the sale to Midland and the Supreme Court has continued that stay.
This is on conditions including that Dermica, should it lose the appeal, must meet losses incurred by Midland as a result of the delayed sale.
The appeal was mentioned yesterday to the Chief Justice when John O'Donnell, for Dermica, said it was urgent because 'Buy and Sell' was "off the road" and the longer that remained the position, the more the asset would diminish in value.
The proceedings arose after Midland objected last month to an application by Mr Hughes for permission from the High Court to sell the company to Dermica. Midland, which prints 'Buy and Sell', said it was owed €90,000 by Buzreel and claimed it had exceeded the bid of Dermica in a sealed tender bidding process.
Midland claimed it had an agreement in place to acquire 'Buy and Sell' and wanted to complete that agreement.