Michael Flatley's legal battle over security for costs begins in Commercial Court
Ms Justice Eileen Roberts is being asked to order that as much as €2.8 million be lodged in court by the entertainer in advance of the hearing of his main action over the works carried out at his Fermoy mansion.
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A security for costs application is usually made when the defendants in the case apply to the court seeking to have their costs covered if they end up successfully defending the main proceedings. The application in the Flatley case is expected to last two days.
Opening the first application, Andrew Fitzpatrick SC for the underwriting and insurance defendants, said Mr Flatley lives in Monaco, outside the EU and the free trade area.
He said in a statement of affairs Michael Flatley had put the valuation of his Lord of the Dance show at €200 million, his whiskey business at €10 million and a €20 million valuation on his Cork mansion Castelyhyde.
Counsel said there were no details of liabilities and Mr Flatley had later said he owns the rights to the Lord of the Dance show and it could be worth €400 million which counsel said was a "wild assertion."
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Mr Flatley he added had said that the show is linked to him personally "and wherever he is, so too is the value of Lord of the Dance." Counsel said what Mr Flatley had put forward were assertions not valuations.
The entertainer he said has repeatedly averred in court documents that he is a man of means and has means to pay costs. Counsel said the court could take comfort in the fact that if it makes the order for security for costs it won't stop Mr Flatley's access to the courts.
The question to be answered Counsel said is whether Mr Flatley has sufficient or ample assets in this jurisdiction against which and order for costs can be forced.
He said his clients were concerned there are not sufficient assets in this jurisdiction and he contended the €20million value Mr Flatley puts on his Castelhyde mansion should be discounted.
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Mr Flatley he said has lived in Monaco for ten years and 'appears to like it.' At one stage he said his side were told Mr Flatley was moving to France and Spain but then he stayed in Monaco.
Mr Fitzpatrick told the court his side do not accept there are "toxins" at Castelhyde and he said there was no toxicology report that say there was ever toxins there.
In the main proceedings, the Riverdance performer claims he and his family had to vacate the Castlehyde period property in October 2023 after alleged toxic chemical residue was detected during routine maintenance.
He has sued the main contractor who allegedly renovated Castlehyde following a June 2016 fire at the property.
He claims the unsafe levels of chloride residue is due to PVC combustion in the fire and the alleged main contractor, Austin Newport Group Ltd, was allegedly aware of a residue issue. Austin Newport denies the claims.
Mr Flatley is suing Austin Newport and insurance underwriters — MS Amlin Underwriting Ltd, AXA XL Underwriting Agencies LTD and Hamilton Managing Agency Limited along with Lloyds Insurance Company.
All of the allegations are denied.
The application for security for costs continues.
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