Crosbie told to pay €750,000 to theatre developer
Published 01/10/2010 | 05:00
PROPERTY owner Harry Crosbie has said he will abide by a court decision to award €750,000 to a company that developed the Grand Canal Theatre.
The decision yesterday in the Commercial Court came after the High Court heard earlier this year that he had failed to comply with an agreement to resolve a legal dispute over the venue.
Ramford Ltd, a company controlled by developer Joseph O'Reilly, had sued Mr Crosbie -- who owns the lease of the theatre at Grand Canal Square -- over an alleged €3m debt arising from an agreement to develop the 2,000-seat theatre.
Last June the Commercial Court was told the matter had been settled. However, yesterday at the same court Mr Justice Peter Kelly was informed by lawyers for Ramford that Mr Crosbie was in breach of the terms of the settlement of that dispute by failing to pay the firm €750,000 by August 31.
The court heard the firm was now seeking judgment against Mr Crosbie for that amount.
In granting judgment against Mr Crosbie, Mr Justice Kelly said the businessman had "committed to" but had "not honoured" the agreement he entered into. The judge said that nobody had forced Mr Crosbie to agree to pay the money by the end of August.
Mr Justice Kelly also dismissed an application made on Mr Crosbie's behalf to have the matter adjourned. Lawyers for Mr Crosbie sought further time so that he could pay some of what was owed immediately, while the rest would be paid at a later date.
The judge said he was not prepared to further adjourn the matter. He said that Mr Crosbie had already obtained additional time from the start of September to yesterday's date to resolve the issue.
Last night, Mr Crosbie said: "The commercial court has adjudicated on the dispute and we will, of course, comply with that decision."