Saturday 20 January 2018

Law firm owes business €8.5m over failure to register property

Tim Healy

A LEADING law firm owes €8.5m to a business because a failure to properly register a property meant a potential purchase did not go ahead at the height of the "bubble", a court has found.

The High Court heard a €10m offer from truck importer Pino Harris to buy unit 520 inside the Western Industrial Estate, Naas Road, Dublin, was not completed.

However, LK Shields solicitors' full liability to Rosbeg Partners, which is owned by businessman Bob Stewart, will be higher than €8.5m because it includes other losses suffered as a result of the sale not going ahead in 2007, Mr Justice Michael Peart said.

Since Mr Harris made his €10m offer in 2007, its value dropped to around €1.5m and it remains unsold.

LK Shields accepted it had not been properly registered but denied this was why the sale did not proceed.

Irish Independent

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