Judge clears way for receivers to sell 120-acre stud farm
THE High Court has cleared the way for bank-appointed receivers to sell a 120-acre stud farm in Co Kildare.
Eugene McDermott, whose family reside at Kennycourt Stud, Brannockstown, Kildare, had sought an injunction, pending the full hearing of his action, preventing receivers selling the majority of the property.
Anglo Irish Bank, now Irish Banking Resolution Corporation (IRBC), appointed Glenn Cran and Mark Reynolds of Savills Ireland as receivers over the farm arising out of Mr McDermott's failure to repay €814,000 owed to the bank. The court heard that Mr McDermott now owes a sum of just over €1m when receivers’ fees, interest and other costs are included.
Mr McDermott sought an injunction restraining the receivers from selling and disposing of any part of his property.
Mr McDermott feared that if the land was sold he would not have any right of way between his family home and the main road. The driveway linking his home to the public road runs through the section of land which the receivers intend to sell.
It was also claimed that if Mr McDermott was allowed time he could cover the total debt through the sale of 84 acres of the land, instead of the 120 acres that the receivers want to sell.
The receivers opposed the injunction application and said provisions were made to ensure that Mr McDermott would have a right of way over the lands.
Mr Justice Paul Gilligan said today that while he McDermott had made out a fair issue to be tried, he had not proven that in this case damages would not be an adequate remedy.
The judge said that he was further satisfied that the balance of convenience favoured allowing the receiver go ahead with the sale of the property.