Directors tell court receivers have no mandate
Published 23/07/2011 | 05:00
THE legal battle over the future of Superquinn intensified yesterday.
The High Court heard two Superquinn directors were claiming the appointment of joint receivers to the troubled retail chain earlier this week was invalid.
The receivers have in turn disputed the validity of a company resolution to present a petition for examinership.
Superquinn directors David Courtney and Kieran Ryan, through their counsel Bernard Dunleavy, signalled their intention to seek injunctions restraining Kieran Wallace and Eamonn Richardson of KPMG acting as receivers.
The receivers were appointed last Monday by Bank of Ireland, AIB and National Irish Bank.
Brian Kennedy, for the receivers, said they wanted the court to decide if a valid resolution had been passed by the Superquinn company board last Monday to present the petition seeking the appointment of an examiner to the trading side of the company.
Counsel said there was an affidavit from a director of Superquinn, Simon Cantrell, which disputed claims by the other directors the company had passed a resolution at a meeting last Monday to petition for examinership.
Ms Justice Mary Finlay Geoghegan has adjourned to Monday several matters.
An independent accountant's report, required before the court may appoint an examiner, is being finalised and will be provided to the sides by Monday, the court heard.