Monday 20 November 2017

'Bullied' FF activist must hand properties to receiver

Ailish O'Hora Public Affairs Correspondent

Fianna Fail activist and developer Jerry Beades has failed to overturn a High Court order to hand properties over to a receiver appointed to one of his companies, which owes €1.5m to ACC Bank, the Irish Independent has learned.

The Supreme Court has ruled that the receiver appointed to Fairlee Properties should be given control of the properties by the end of March.

Mr Beades, who is a member of the Fianna Fail national executive and was a close friend of former Taoiseach Bertie Ahern for many years, had to swear on oath in court that he would adhere to the Supreme Court demands.

The move comes following the appointment of Kieran Wallace of KPMG as receiver at Fairlee.

The Supreme Court ruled on the matter after Mr Beades appealed a High Court decision ordering that the Dublin properties at 158-163 Richmond Road and 6 Tivoli Centre, also on Richmond Road, should be vacated.

Mr Beades said yesterday that he had been put in an impossible position as a result of the decision.

"The injustice of it is that Fairlee is unable to recover any of its losses despite having gone to the courts," he said.

"And because of the delays the company now finds itself unable to repay the €1.5m still owed on the properties because the banks are closed for business."

Mr Beades had earlier told the High Court that ACC did not follow due process in attempting to recover the €1.5m debt.

Frustrated

He also told the court he had been "frustrated and bullied" by the receiver.

In a sworn statement, KPMG's Mr Wallace said he had not been allowed proper access to the properties in question despite being appointed receiver to Fairlee.

He also said Mr Beades had failed to give him a full list of "alleged" tenants in the properties.

Mr Beades has been engaged in a lengthy legal dispute with ACC for a number of years over documents lost by the bank.

In 2009, the High Court ordered ACC to pay Mr Beades €4.7m in damages for negligence after the bank lost title deeds to a number of properties owned by him personally and others owned by Fairlee.

The deeds were later found but the High Court ruled that ACC owed a duty of care to Mr Beades and his company to look after the documents while they were in its custody.

Irish Independent

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