Monday 16 December 2019

Dispute over sale of 'Buy and Sell' to go before Supreme Court

A DISPUTE over the sale of the troubled Buy and Sell magazine will go before the Supreme Court on Thursday.

Dermica Ltd, a subsidiary of the Communicorp company owned by businessman Denis O'Brien, has appealed against a High Court decision which had conditionally permitted a liquidator accept the higher bid of Midland Web Printing Ltd for the magazine.

That sale was to be executed on May 1.  However, prior to that, the High Court allowed an opportunity for Dermica to consider if it wanted to raise any issues arising from matters set out in an affidavit of Neil Hughes, provisional liquidator of Buzreel Ltd, publisher of Buy and Sell and owner of the website

When an appeal was subsequently brought by Dermica, the High Court granted a stay on the sale to Midland.

The Supreme Court has continued that stay on conditions including that Dermica, should it lose the appeal, meet losses incurred by Midland as a result of the delayed sale.

The appeal will be mentioned before the Chief Justice Susan Denham to fix a priority hearing date.

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