AIB entitled to recover €6m from tax adviser
Published 07/09/2016 | 02:30
AIB is entitled to recover just over €6m from tax consultant Kenneth McMorland of Mailcoach Road, Sligo, who was company secretary of Foresthaze Developments Ltd - a company chaired by former EU Commissioner Ray MacSharry.
Ms Justice Miriam O'Regan has thrown out a bid by Mr McMorland to have AIB's demand for summary judgment against him dealt with at a full High Court hearing.
Mr McMorland claimed the bank failed to provide him with independent legal advice when he guaranteed all of his company's debts.
Judge O'Regan said an earlier High Court case demonstrated Mr McMorland was a tax consultant and company secretary and CEO of Foresthaze Developments.
It was claimed that around April 2006 Mr McMorland suggested the purchase of a site at Hazelwood, Sligo, for a development of more than 300 houses, by Foresthaze.
It was alleged he would be CEO of Foresthaze Developments with 56pc of shares; quantity surveyor Jackie McMahon would be operations manager with 20pc; Ray MacSharry, chairman, would have 18pc; and his son, Marc MacSharry, 6pc.