Latest news with #CommercialCourt
BreakingNews.ie
a day ago
- Business
- BreakingNews.ie
Noel O'Callaghan says sons trying to freeze him out of business he set up
Hotelier Noel O'Callaghan claims in Commercial Court proceedings that two of his sons, who took over the running of his business in 2016, have excluded him and prevented him from exercising his right to retake control. Mr O'Callaghan (74) stepped back in 2016 from the business he built from scratch over 40 years. The first hotel his group acquired was the Mont Clare in Dublin in 1984. Advertisement In addition to five hotels it operates, it also owns the 450-acre Mountarmstrong stud farm outside Cashel in Co Tipperary, along with around 100 rent apartments owned by Só Living. In his proceedings, it is claimed he stepped down from the day-to-day management of the group to focus on Mountarmstrong and his bloodstock business. He left the day to day running to his sons. The transfer was done in time for his 66th birthday in order that substantial Capital Gains Tax relief would not be lost. It is claimed that in agreeing the transfer of his shares in Saira Co Dublin Unlimited Company, in which he is a director along with his sons Paul and Charles who now run the group, he wanted a "fallback position in the event of any future dispute" whereby he could retake control of Saira. Advertisement Accordingly, Paul and Charles, along with his third son Bryan who was involved in the business until he departed in 2023, signed a form of proxy appointing their father to act as each of their proxy and vote on their behalf at meetings of the Saira board. The proxy is still extant and binding, it is claimed. As part of the 2016 agreement, their father was to be paid an annual salary of €500,000 for the rest of his natural life and to have his credit card expenses discharged along with giving him the benefit and control of Mountarmstrong. After Bryan left in 2023, a new shareholders agreement was made but it is claimed this did not replace the 2016 agreement. The stud farm, which comprises a large number of racehorses, was operated by Saira subsidiary, Sherborough Development Co Unlimited Company, and Noel O'Callaghan is the full or partial beneficial owner of the bloodstock, it is claimed. Advertisement It is alleged that since 2024, Paul and Charles have attempted to exercise control over the bloodstock with instructions for valuations and sales of some done without their father's consent. In 2024, Noel sold his interest in a commercial property called the Archers Building in Fenian Street, Dublin, to Saira. It is claimed that there was a failure to disclose KBC was negotiating the surrender of its lease on the building, which was eventually done for €16.6m, and this resulted in an undervaluation of the building at the time the father sold his interest. It constituted a material non disclosure and secret profit, it is claimed. His relationship with Paul and Charles began to deteriorate in 2024 with the purchase of residential properties in Warrenpoint for their personal use, the withdrawal of instructions to prepare board packs for directors meetings and the payment of a dividend of €3.2m to the two sons. Advertisement When Noel challenged these decisions, his sons began to "freeze" him out by removing clerical support and the cancellation of payments to him by Saira, including health insurance. The proceedings by Noel are against Paul and Charles, Saira and Sherborough. On Monday, the case was admitted on consent to the Commercial Court on the application of Martin Hayden SC who said, in reply to a question from Mr Justice Mark Sanfey, that mediation had been tried already. The judge said in cases involving close family members mediation was desirable. He approved agreed directions for the progress of the case and adjourned it to November.
Irish Times
a day ago
- Business
- Irish Times
Hotelier Noel O'Callaghan takes legal action against two sons
Hotelier Noel O'Callaghan claims in Commercial Court proceedings that two of his sons, who took over the running of his business in 2016, have excluded him and prevented him from exercising his right to retake control. Mr O'Callaghan (74) stepped back in 2016 from the business he built from scratch over 40 years. The first hotel his group acquired was the Mont Clare in Dublin in 1984. In addition to five hotels it operates, it also owns the 450-acre Mountarmstrong stud farm outside Cashel in Co Tipperary, along with around 100 rent apartments owned by Só Living. In his proceedings, Mr O'Callaghan claims he stepped down from the day-to-day management of the group to focus on Mountarmstrong and his bloodstock business, leaving the day-to-day running to his sons. READ MORE The transfer was done ahead of his 66th birthday in order that substantial capital gains tax relief would not be lost. It is claimed that, in agreeing the transfer of his shares in Saira Co Dublin Unlimited Company, in which he is a director along with his sons Paul and Charles who now run the group, he wanted a 'fallback position in the event of any future dispute' whereby he could retake control of Saira. Accordingly, Paul and Charles, along with his third son Bryan who was involved in the business until he departed in 2023, signed a form of proxy appointing their father to act as each of their proxy and vote on their behalf at meetings of the Saira board. The proxy is still extant and binding, it is claimed. As part of the 2016 agreement, Mr O'Callaghan snr was to be paid an annual salary of €500,000 for the rest of his natural life and to have his credit card expenses discharged along with the benefit and control of Mountarmstrong. After Bryan left in 2023, a new shareholders' agreement was made but, it is claimed, this did not replace the 2016 agreement. The stud farm, which comprises a large number of racehorses, was operated by Saira subsidiary, Sherborough Development Co Unlimited Company, and Noel O'Callaghan is the full or partial beneficial owner of the bloodstock, it is claimed. It is alleged that, since 2024, Paul and Charles have attempted to exercise control over the bloodstock with instructions for valuations and sales of some animals done without their father's consent. In 2024, Noel sold his interest in a commercial property called the Archers Building in Fenian Street, Dublin, to Saira. It is claimed that there was a failure to disclose KBC Bank was negotiating the surrender of its lease on the building, which was eventually done for €16.6 million, and this resulted in an undervaluation of the building at the time the father sold his interest. It constituted a material non-disclosure and secret profit, it is claimed. Noel O'Callaghan's relationship with Paul and Charles began to deteriorate in 2024 with the purchase of residential properties in Warrenpoint for their personal use, the withdrawal of instructions to prepare board packs for directors' meetings and the payment of a dividend of €3.2 million to the two sons. When Noel challenged these decisions, his sons began to 'freeze' him out by removing clerical support and the cancellation of payments to him by Saira, including health insurance. The proceedings by Noel are against Paul and Charles O'Callaghan, Saira and Sherborough. On Monday, the case was admitted on consent to the Commercial Court on the application of Martin Hayden SC who said, in reply to a question from Mr Justice Mark Sanfey, that mediation had been tried already. The judge said in cases involving close family members mediation was desirable. He approved agreed directions for the progress of the case and adjourned it to November.
BreakingNews.ie
a day ago
- Business
- BreakingNews.ie
Paddy McKillen jnr in dispute with receivers over Dublin office properties
Businessman Paddy McKillen junior is in a Commercial Court dispute with receivers over the taking possession of three valuable Dublin office properties allegedly due to millions owed in rent arrears on them. Perfect Stripe Ltd, trading as Grafter, is suing Ken Fennell and Brendan O'Reilly, of Interpath Advisory, who were appointed joint receivers over three companies which rented the properties, at Stephen's Green, Leeson Street and Ely Place from Perfect Stripe. Advertisement The three companies, Wonderbay Ltd, Crossville Properties Ltd, and Discovery Dawn Ltd (all in receivership) were McKillen group-related firms. Perfect Stripe claims that on the morning of June 23rd last, agents of the receivers broke into the properties having unlawfully purported to have forfeit the leases. The locks were changed and Perfect Stripe and its agents were prevented from gaining access. The claim of breaking in is denied. The purchase of the buildings was funded largely through loans from RELM Loan Opportunities DAC who appointed the receivers after calling in the loans. RELM began calling in the loans and Perfect Stripe says that the forfeiture happened despite discussions with the defendants about rent adjustments. Advertisement It believed the parties were negotiating in good faith and no steps would be taken towards any enforcement until the negotiations concluded. The defendants claimed the sums due on the properties in rent arrears at the time was some €2.7 million for Stephen's Green, around €321,000 for Ely Place and some €530,000 for Leeson Street. Perfect Stripe, in its statement of claim, says the defendants have unlawfully forfeited the properties "under the guise of seeking inflated amounts in excess of the interest due" under the loan agreements. It also says they have "misappropriated the plaintiff's business in order to achieve a higher sales price for the properties". Advertisement On Monday, Mr Fennell and Mr O'Reilly, in their capacity as receivers of the three defendant companies, applied to have the dispute admitted to the fast track Commercial Court. James Doherty SC, for the defendants, said the total debt now due in arrears was in excess of €4.1 million and the leases were forfeited and possession taken some five weeks ago. Ireland Man (37) repeatedly stabbed ex-partner after putti... Read More Counsel said there was mediation for a short time, which was unsuccessful. The claim of misappropriation by the defendants of the business to themselves is "wholly without foundation", he said. Counsel also disputed a claim by Marcus Dowling SC, for Perfect Stripe, that from his client's perspective, what had happened was the receivers' agents breaking into the premises in the middle of the night. Mr Dowling said his side was neutral on the application to admit the case to the commercial list. Mr Justice Mark Sanfey said it was clearly a matter suitable for entry to the Commercial Court. He approved the agreed directions and adjourned the matter to later this year.
Irish Examiner
4 days ago
- Business
- Irish Examiner
Michael Flatley 'intends to seek nominations to run for President', court told
Lord of the Dance star Michael Flatley is moving back to Ireland in the next two weeks as he 'intends to seek nominations to run for President,' a court has been told. An affidavit opened before Ms Justice Eileen Roberts in the Commercial Court on Friday made the assertion, following on from speculation that the Irish-American would contest the upcoming presidential election. Mr Flatley's counsel Ronnie Hudson BL instructed by Maxwell Mooney solicitor introduced the document to court as part of a case where a building contractor and insurance companies involved in carrying out works at the Flatley Castlehyde mansion in Cork are seeking to have the star put up €2.8m security for costs before his action against them begins. 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. It is often sought when litigants are not resident in the EU. Mr Hudson told the court that Mr Flatley's intention to return to live in Ireland in the coming days represented a 'material change of circumstances' which must be considered by Ms Justice Roberts in her ruling on the security for costs application. Andrew Fitzpatrick SC, representing the underwriting and insurance defendants in the case, objected to the affidavit being admitted to court as the judge had already reserved judgement on the application. He also said it was 'hearsay', given that the affidavit was signed by Mr Flatley's solicitor Mr Mooney rather than the man himself. Counsel for building contractor Austin Newport, Stephen Dowling SC, meanwhile said that there were no details of where he would be living in Ireland and did not meet the threshold to be admitted. Ms Justice Roberts determined that the affidavit would be taken into account. 'In fairness to Mr Flatley, I will allow the affidavit to be admitted,' she said. 'I will treat it then with the weight, if any, I give to it.' The judge also indicated that she had already begun work on the judgement and it would be delivered in a 'reasonably short period'. Mr Flatley's side has previously described the security of costs application as 'a final effort to derail my claim'. Mr Hudson said Mr Flatley is an Irish citizen and has assets in this jurisdiction and he contended it could be 'a form of discrimination' if the court were to make an order for security of costs against him. 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. Mr Flatley is suing Austin Newport Group Ltd, the main contractor 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 court has previously heard the dancing star, who recently directed and starred in his own self-financed action film Blackbird, had been intending to move back to Ireland. Last weekend, he told Brendan O'Connor on RTÉ Radio One that he was not ruling out a bid for presidency to succeed Michael D Higgins in this autumn's election. For Mr Flatley to get onto the ballot, he would need the backing of either 20 members of the Oireachtas or four local authorities. So far, the only candidates to put themselves in the race are independent TD Catherine Connolly and Fine Gael's Mairead McGuinness. Conor McGregor has also repeatedly posted on social media that he too wants to be the next president of Ireland. The election must take place before 11 November, when President Higgins' term ends.
Irish Times
21-07-2025
- Business
- Irish Times
Uefa granted extension of illegal streaming blocking order
Uefa, the governing body for European football associations, has been granted a court order extending for another two years a requirement that internet service providers block illegal streaming of its games. The order is similar to one granted last week to the Football Association Premier League also extending the requirement to block the streams for its matches. Mr Justice Mark Sanfey, head of the Commercial Court, agreed on Monday to an application from the Union Des Associations Europeennes de Football (Union of European Football Associations) for the order. It extends the blocking order for the 2025/26 and 2026/27 football seasons. READ MORE It applies to Eircom trading as eir, Virgin Media Ireland, Sky Ireland/Sky Subscriber Services and Vodafone. Jonathan Newman SC, for Uefa, said all the defendants were neutral on the application. The providers are 'conduits' for the streaming but were not liable for any infringements on their networks, he said. Counsel said they are required under the order to block IP addresses which are notified to them in a confidential list. The streams are carried on set top boxes, TV sticks and websites. This was the fourth extension since the original order, he said. The list of infringing platforms is published to providers twice during each match, he said. A very large volume of infringements, running into the hundreds, have been detected, he said. Mr Justice Sanfey said he was satisfied to grant the order. From the evidence, it was clear there are a very large number of streamers and the blocking orders provided by the court previously demonstrates their effectiveness, he said. It was also clear the order also respected the fundamental right of parties, including internet users, notwithstanding the 'enormous number that need to the blocked' and the fact that there has been a minuscule number of complaints about the blocking which were proved to be unfounded, he said.
