Friday 31 October 2014

Wexford family restrained by High Court from selling or offering sale on properties

Ray Managh

Published 26/08/2014 | 17:57

A Wexford family consisting of two brothers and their father and a company, Tuskar Property Holdings Limited, were restrained by the High Court today from selling or offering for sale a number of properties in the town.

Ms Justice Iseult O Malley granted the order to Shane McCarthy, the receiver appointed by ACC bank over the properties at 1 and 2 Lower Rowe Street and 46 High Street, Wexford.

She also directed Corrado Forte, of Longreef, Sandy Lane, Curracloe; his brother, Roberto, Lower Rowe Street, and their father, Annino, of Monforte House, Coolcotts, to hand over keys, alarm codes, locks and all other security devices relating to the properties.

Judge O Malley also told barrister Aaron Shearer, counsel for the receiver that she would direct the defendants and their family members to account for all rents paid on 46 High Street since Mr McCarthy was appointed in June 2013.

Mr Shearer said that in overall proceedings yet to be determined by the court the bank was seeking possession of the two properties and declarations that leases purportedly applying to them were void and of no legal effect.

The receiver said in an affidavit that a loan from the bank was in arrears and the outstanding amount in June last was €2,567,884.

When he had sought vacant possession he had received a letter from Alan Hynes, accountant for Tuskar Property Holdings Ltd claiming that the company had purchased the interest of the former owners of the business “Cappuccinos” which operated out of a portion of the Rowe Street premises. 

Searches at the Companies Registration Office had disclosed that Tusker was in receivership and Alan Hynes, a former director of the company, was the subject of a Disqualification Order until October 2016 and a Restriction Order under the Companies Act up to October 2018.

Mr McCarthy said the receivership of both properties had been “stuck” due to a history of obfuscation and attempts on the part of the defendants to frustrate it.

Corrado Forte and his father, Annino, both acting as lay litigants opposing the receivership, addressed the court claiming the receiver should be dismissed.  Both men stated they wished to address the difficulties with the bank. Corrado Forte denied he had been deliberately obstructive in his dealings with the bank and the receiver.

Judge O Malley granted the injunctions pending determination of the overall proceedings.

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