Business Irish

Monday 23 April 2018

Maye repays London-based consortium

A freezing order was issued by a senior judge in London last week. Stock Picture
A freezing order was issued by a senior judge in London last week. Stock Picture

Sean Duffy

The High Court in London is expected to lift an order freezing the assets of Irish developer Michael Maye after he repaid a London-based consortium with whom he had been in dispute with over a stg£1.2m property investment.

Last week a freezing order, the second such order to be issued in as many years against Maye, was issued by a senior judge in London on foot of an application by the London-based consortium.

The order required Maye not to reduce his assets below stg£316,910 - the value of the outstanding monies owed.

Both parties have confirmed to the Irish Independent that the outstanding amount has now been paid.

In September 2015, Maye was served with a freezing order for the amount of £1.2m for monies owed to the consortium. Maye paid £975,000 of the overall amount, but the £316,910 was left outstanding, leading to a further court application.

Irish Independent

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