Tuesday 26 September 2017

Irish bankrupt sued for $3.5m over oilfield deal

But the businessman denies signing any agreement with US company, reports Maeve Sheehan

A bankrupt businessman is being chased for $3.5m (€2.6m) by an American company after a botched attempt to invest in a Texan oilfield.

Wicklow businessman Garth Collier was allegedly trying to buy a share in the oilfield with two others at a time when he was an undischarged bankrupt in Ireland with debts of €1.4m.

Mr Collier, a former property developer, was in charge of raising the finance for the venture, according to US court papers. But when the money failed to materialise, his co-investor was left out of pocket and sued him for $3.5m in 2008.

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