Investor's father-in-law can bring in receiver in property dispute
The owner of two Georgian buildings on Dublin's Stephen's Green faces losing them to receivership after he failed to pursue High Court injunction proceedings that might have blocked efforts to take them over due to a €13m debt.
Monaghan-born businessman Leo Mohan owns numbers 92 and 93, on the north side of the green, loans for which were refinanced with assistance from his father-in-law Paul Anderson who is a director of Panoramic Cinemas Ireland and a member of the well-known family of cinema owners.
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Mr Mohan claims Mr Anderson breached an agreement by selling outstanding loans on the properties to Panoramic last November. He said he has made efforts to sell the properties and has got two firm offers of €22m and €25m.
In his injunction proceedings against Mr Anderson, against a company which was used in the refinancing called Dunbridge, and against Panoramic, Mr Mohan claimed there was a conspiracy to prevent him from raising other finance to pay off the outstanding loans.
Mr Anderson said the proceedings were misconceived and represented an illegitimate attempt by Mr Mohan to frustrate the contractual rights of Panoramic.
Mr Mohan was in court on Thursday when a hearing over whether to continue an injunction preventing the appointment of a receiver over the properties was due to take place.
He left however during an adjournment when he was given 10 minutes by Mr Justice Robert Haughton to discuss with his solicitor, Gerald Kean, the judge's refusal to permit an adjournment of the injunction hearing.
The court heard Mr Kean was brought in to the case late on Wednesday night after Mr Mohan's previous solicitors had applied to cease representing him. The previous solicitors had been refused an adjournment application on Tuesday.
Mr Kean asked the judge for a week's adjournment so he could address errors in a last-minute affidavit submitted by Mr Mohan just before the injunction case was due to start. After the judge refused the adjournment, Mr Kean withdrew from the case and said his client was "not physically or mentally in a position to appear before the court - he is not in a good place".
Rossa Fanning SC, for the Anderson side, asked the judge to discharge the injunction and direct Mr Mohan to deliver a statement of claim in relation to the rest of his case over an alleged breach of an contract within the next few weeks.
Mr Justice Haughton adjourned the matter for directions to next month.
The judge also said the effect of the order dismissing the injunction was the defendants would now be in a position to appoint a receiver.