Wednesday 29 March 2017

Businessman claims receiver has bullied him

Aodhan O Faolain

BUSINESSMAN and Fianna Fail National Executive member Jerry Beades told a court yesterday he had been "frustrated and bullied" by a receiver.

But the receiver Kieran Wallace, appointed by ACC Bank to Fairlee Properties after the firm failed to repay a loan of €1.5m, claims Mr Beades is trying to frustrate the receivership and has preventing him from taking vacant possession of some properties.

Mr Beades is trying to stop the action and claims 20 people "face the prospect" of losing their jobs should the receiver take possession of the properties and evict them.

He accused ACC Bank of using the Commercial Court as "an administrative tool" and claimed he has been "frustrated and bullied" by the receiver.

Mr Wallace is seeking High Court orders for possession of the properties, which were charged by the defendant to ACC Bank, located at 158 to 163 Richmond Road, Fairview, Dublin 3, and Unit 6, Tivoli Centre, Richmond Road Industrial Estate, Dublin.

Yesterday at the High Court, Mr Justice Frank Clarke agreed to Mr Wallace's application to have the matter transferred to the Commercial Court, the big business division of the High Court.

Bernard Dunleavy for Mr Wallace, a chartered accountant with KPMG, said his client was appointed as receiver to the firm after the defendant company failed to pay ACC €1.5m, which it obtained in a judgment against Mr Beades, after the bank demanded repayments of a loan.

That loan had been secured against the various premises in question, but counsel said the defendant company had declined to deliver up possession of the buildings to Mr Wallace.

In his affidavit, Mr Wallace said that last July Mr Beades brought High court proceedings aimed at suspending the appointment of a receiver.

Tenants

Those proceedings were unsuccessful. However, during those proceedings Mr Beades said there were tenants in the properties.

Mr Wallace said the bank had no knowledge of this and the High Court ordered Mr Beades to furnish to him (Mr Wallace) with the details of the tenants. While Mr Wallace said that while some information was furnished, the list was not in compliance with the terms of the court order.

In his ruling, Mr Justice Clarke said he was satisfied that the case met the criteria allowing it to be admitted to the Commercial Court list. He said the only issue he had to decide was if there was a dispute between the parties, and there clearly was.

Irish Independent

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