Latest news with #MichaelScully
BreakingNews.ie
26-05-2025
- Business
- BreakingNews.ie
Decision blocking Irish investors from pursuing developer of Polish shopping centre overturned
The Supreme Court has overturned a decision that an Irish developer of a shopping centre in Poland could not be pursued here for a €6.3 million judgment obtained against him in Poland on behalf of 57 Irish investors. Last year, Michael Scully won an appeal over the enforcement of the Polish judgment here in the Court of Appeal (CoA). Advertisement But a company, Coucal Ltd, to which the investors had assigned their rights, then appealed that decision to the Supreme Court. On Monday, a five-judge Supreme Court overturned the CoA decision and said Mr Scully could be pursued for enforcement of the judgment here. Mr Scully, a Clonalkilty farmer who also co-owned Castle Carbery Properties Ltd which built the shopping centre in Opole, Poland in 2009, had appealed a decision of the High Court that a Polish judgment over the investment scheme against him could be enforced here. Some €48m was borrowed for the purpose of funding the shopping centre. The CoA allowed Mr Scully's appeal after finding that the use of Coucal, a Polish special purpose vehicle (SPV) company set up by the investors, which brought the case against him in Poland, represented "the commodification of litigation" which was clearly prohibited by Irish public policy. Advertisement The 57 investors alleged they were defrauded by Mr. Scully when he induced them to divest themselves of their investments in the shopping centre, on terms which were very unfavourable to them and very favourable to Mr. Scully. Those claims were denied. While proceedings against Mr Scully in Poland were initially unsuccessful, by 2021 the Warsaw Court of Appeal found that Mr. Scully had wrongfully and without authority purported to enter into agreements on behalf of Coucal's shareholders. It awarded judgment against him for some €6.3million. The Warsaw appeal court also permitted Coucal to bring proceedings in Ireland to enforce the judgment against assets he owns here, including a farm in Co Cork. Mr Scully then brought proceedings here against Coucal Ltd seeking refusal of recognition and enforcement of the Polish judgment. The application was brought under an EU regulation, called Brussels I Recast, relating to enforcement of civil and commercial judgments across the EU. Advertisement In the meantime, Mr Scully had appealed the judgment to the Polish Supreme Court which decided to make a reference to the Court of Justice of the EU relating to issues concerning judicial independence and impartiality and in particular the claimed lack of independence of one of the Polish Court of Appeal judges. Mr Scully's case here was rejected by the High Court in November 2022 and he appealed, winning the appeal in the CoA just over a year ago. Coucal then sought and was granted an appeal to the Supreme Court. In two separate concurring judgments on behalf of the Supreme Court, Chief Justice Donal O'Donnell and Mr Justice Gerard Hogan allowed the appeal. Advertisement The Chief Justice said it was clear that enforcement of the judgment in this case did not approach the required standard for being an exceptional case in which recognition of a foreign judgment should be refused on grounds of public policy. Ireland Jury in Richard Satchwell trial told they can cons... Read More If someone enters a contract in another state, they would not normally be entitled to complain of the application of the laws of that state to either their conduct or their transactions, he said. The Brussels Recast Regulation normally requires enforcement of the judgments obtained in other member states without engagement with the underlying merits of the claim or the applicable law, he said. This is consistent with a high hurdle being required to be satisfied before enforcement of any judgment can be refused, he said. Mr Justice Hogan said in the circumstances of this case one cannot say that the recognition of the Polish judgment should be refused on the ground that to do so would be 'manifestly contrary to public policy' in this State within the meaning of the Brussels Recast Regulation. Advertisement He said his judgment was subject to the caveat that, while the CoA declined to adjudicate on this issue of Polish judicial independence, which had been argued by Mr Scully in the case, he now invited the parties to make further submissions on this issue.
Irish Examiner
26-05-2025
- Business
- Irish Examiner
Decision blocking Irish investors from pursuing Cork developer of Polish shopping centre overturned
The Supreme Court has overturned a decision that an Irish developer of a shopping centre in Poland could not be pursued here for a €6.3m judgement obtained against him in Poland on behalf of 57 Irish investors. Last year, Michael Scully won an appeal in the Court of Appeal (CoA) over the enforcement of the Polish judgement here. Coucal Ltd, a company to which the investors had assigned their rights, appealed that decision to the Supreme Court. A five-judge Supreme Court yesterday overturned the CoA decision and said Mr Scully could be pursued for enforcement of the judgement here. Mr Scully, a Clonalkilty farmer who also co-owned Castle Carbery Properties Ltd which built the shopping centre in Opole, Poland, in 2009, had appealed a decision of the High Court that a Polish judgement over the investment scheme against him could be enforced here. Some €48m was borrowed for the purpose of funding the shopping centre. The CoA allowed Mr Scully's appeal after finding that the use of Coucal, a Polish special purpose vehicle company set up by the investors, which brought the case against him in Poland, represented 'the commodification of litigation' which was clearly prohibited by Irish public policy. The 57 investors alleged they were defrauded by Mr Scully when he induced them to divest themselves of their investments in the shopping centre, on terms which were very unfavourable to them and very favourable to Mr Scully. Those claims were denied. While proceedings against Mr Scully in Poland were initially unsuccessful, by 2021 the Warsaw Court of Appeal found that Mr Scully had wrongfully and without authority purported to enter into agreements on behalf of Coucal's shareholders. It awarded judgement against him for some €6.3m. The Warsaw appeal court also permitted Coucal to bring proceedings in Ireland to enforce the judgement against assets he owns here, including a farm in Co Cork. Mr Scully then brought proceedings here against Coucal Ltd seeking refusal of recognition and enforcement of the Polish judgment. The application was brought under an EU regulation, called Brussels I Recast, relating to enforcement of civil and commercial judgements across the EU. In the meantime, Mr Scully had appealed the judgement to the Polish Supreme Court, which decided to make a reference to the Court of Justice of the EU relating to issues concerning judicial independence and impartiality and, in particular, the claimed lack of independence of one of the Polish Court of Appeal judges. Mr Scully's case here was rejected by the High Court in November 2022 and he appealed, winning the appeal in the CoA just over a year ago. Coucal then sought, and was granted, an appeal to the Supreme Court. In two separate concurring judgements on behalf of the Supreme Court, Chief Justice Donal O'Donnell and Mr Justice Gerard Hogan allowed the appeal. The Chief Justice said it was clear that enforcement of the judgement in this case did not approach the required standard for being an exceptional case in which recognition of a foreign judgement should be refused on grounds of public policy. Mr Justice Hogan said in the circumstances of this case, one cannot say that the recognition of the Polish judgement should be refused on the ground that to do so would be 'manifestly contrary to public policy' in this State within the meaning of the Brussels Recast regulation. He said his judgement was subject to the caveat that, while the CoA declined to adjudicate on this issue of Polish judicial independence, which had been argued by Mr Scully in the case, he now invited the parties to make further submissions on this issue. Read More Cork farmer wins appeal preventing €6.3m Polish judgment being enforced
Irish Times
26-05-2025
- Business
- Irish Times
Decision blocking Irish investors from pursuing developer of Polish shopping centre overturned
The Supreme Court has overturned a decision that an Irish developer of a shopping centre in Poland could not be pursued here for a €6.3 million judgment obtained against him in Poland on behalf of 57 Irish investors. Last year, Michael Scully won an appeal over the enforcement of the Polish judgment here in the Court of Appeal (CoA). But a company, Coucal Ltd, to which the investors had assigned their rights, then appealed that decision to the Supreme Court. On Monday, a five-judge Supreme Court overturned the CoA decision and said Mr Scully could be pursued for enforcement of the judgment here. READ MORE Mr Scully, a Clonakilty farmer who also co-owned Castle Carbery Properties Ltd which built the shopping centre in Opole, Poland in 2009, had appealed a decision of the High Court that a Polish judgment over the investment scheme against him could be enforced here. Some €48 million was borrowed for the purpose of funding the shopping centre. The CoA allowed Mr Scully's appeal after finding that the use of Coucal, a Polish special purpose vehicle (SPV) company set up by the investors, which brought the case against him in Poland, represented 'the commodification of litigation' which was clearly prohibited by Irish public policy. The 57 investors alleged they were defrauded by Mr Scully when he induced them to divest themselves of their investments in the shopping centre, on terms which were very unfavourable to them and very favourable to Mr Scully. Those claims were denied. While proceedings against Mr Scully in Poland were initially unsuccessful, by 2021 the Warsaw Court of Appeal found that Mr. Scully had wrongfully and without authority purported to enter into agreements on behalf of Coucal's shareholders. It awarded judgment against him for some €6.3 million. The Warsaw appeal court also permitted Coucal to bring proceedings in Ireland to enforce the judgment against assets he owns here, including a farm in Co Cork. Mr Scully then brought proceedings here against Coucal Ltd seeking refusal of recognition and enforcement of the Polish judgment. The application was brought under an EU regulation, called Brussels I Recast, relating to enforcement of civil and commercial judgments across the EU. In the meantime, Mr Scully had appealed the judgment to the Polish Supreme Court which decided to make a reference to the Court of Justice of the EU relating to issues concerning judicial independence and impartiality and in particular the claimed lack of independence of one of the Polish Court of Appeal judges. Mr Scully's case here was rejected by the High Court in November 2022 and he appealed, winning the appeal in the CoA just over a year ago. Coucal then sought and was granted an appeal to the Supreme Court. In two separate concurring judgments on behalf of the Supreme Court, Chief Justice Donal O'Donnell and Mr Justice Gerard Hogan allowed the appeal. The Chief Justice said it was clear that enforcement of the judgment in this case did not approach the required standard for being an exceptional case in which recognition of a foreign judgment should be refused on grounds of public policy. If someone enters a contract in another state, they would not normally be entitled to complain of the application of the laws of that state to either their conduct or their transactions, he said. The Brussels Recast Regulation normally requires enforcement of the judgments obtained in other member states without engagement with the underlying merits of the claim or the applicable law, he said. This is consistent with a high hurdle being required to be satisfied before enforcement of any judgment can be refused, he said. Mr Justice Hogan said in the circumstances of this case one cannot say that the recognition of the Polish judgment should be refused on the ground that to do so would be 'manifestly contrary to public policy' in this State within the meaning of the Brussels Recast Regulation. He said his judgment was subject to the caveat that, while the CoA declined to adjudicate on this issue of Polish judicial independence, which had been argued by Mr Scully in the case, he now invited the parties to make further submissions on this issue.
Business Journals
29-04-2025
- Business
- Business Journals
PNC executives on what St. Louis must get right to advance its economy and ensure business success
As Michael Scully retires from his PNC regional president role and Matt Corcoran takes the helm of PNC's business in St. Louis, these distinguished executives share their insights on advancing St. Louis' economic and business success. Q: How long have you called St. Louis home? Michael Scully: I moved here in 1983 to begin my banking career and have never thought about living elsewhere. The civic-minded business community, quality of life and many cultural amenities make St. Louis such an amazing place to live and work. Matt Corcoran: I am a St. Louisan, born and raised. My first job, as a high school student, was as a bagger for Schnucks. I often joke that if you cut me, you might find Provel cheese. In all sincerity, though, this city has shaped and inspired me. St. Louis is home. It has been a fantastic place to build my career and family, and I'm excited to lead PNC's local business during what I believe will be a transformational period for this region. Q: When we talk about advancing St. Louis, what does success look like to you? Scully: St. Louis is unique as we have a consistent playbook with the STL 2030 Jobs Plan, which outlines pathways for realizing our region's great potential — from growing quality jobs to rejuvenating the urban core. Advancing St. Louis will entail delivering on these measurable actions. Corcoran: What gives me confidence in our collective ability to advance St. Louis is the resolve of local business leaders who are committed to the success and sustainability of this region. St. Louis has benefited from visionary founders who not only built major companies but also cultivated future generations of leaders. In sports terms, I liken this to the Bill Walsh coaching tree, which captures the rich legacy a single individual can impart through the development of successors and proteges. I see this same dynamic at play in St. Louis business circles. Q: Reflecting on PNC's 15 years in Greater St. Louis, what would you consider to be the business community's most significant wins? Scully: The tremendous success of several homegrown industries, including health care, plant science, biotech and advanced manufacturing, has created meaningful impact for our region while elevating St. Louis' profile globally. The wins our region is enjoying today, including cutting-edge output from the Donald Danforth Plant Science Center and Washington University's burgeoning neuroscience research center, are only possible because of the robust research and innovation ecosystem that has been established here, as well as decades of disciplined planning and collaboration. Corcoran: As a sports enthusiast and board member of the St. Louis Sports Commission, I always point to the significant economic activity that our sports organizations and major venues generate for local businesses. The growing popularity of the St. Louis Blues, the emergence of St. Louis City SC and Energizer Park, the transformation of World Wide Technology Raceway and the extensive renovations at Enterprise Center have all contributed to this impact. The sports scene also translates to marketability for St. Louis as a great place to live. Q: What must St. Louis get right to advance its economy and success in business? Corcoran: As a naturally competitive person, I often compare St. Louis to comparably sized MSAs where PNC operates. One of the key differences is the rate of population growth. The good news is that our region is seeing meaningful gains, with the U.S. Census Bureau's Vintage 2024 Population Estimates reporting the largest increase since 2010. Additionally, for the first time in 35 years, St. Louis ranked as one of the top five U.S. markets for job growth. While these statistics provide reason for optimism, it is incumbent on businesses to sustain this momentum by growing jobs and recruiting talent. And as a financial institution, PNC has a tremendous opportunity to enable this growth. Scully: There are several efforts underway to encourage population growth and enhance livability. While I may be retiring from banking, I intend to continue contributing to these civic initiatives. One of these projects is Great Rivers Greenway's work to develop the Brickline Greenway, which will bring St. Louis' neighborhoods and communities together in new and wonderful ways. Q: If you're recruiting a young banker from outside the St. Louis metro, what are the key selling points you position for the metro? Scully: The top attributes I'd position would be the enviable cost of living, world-class culture, great restaurants and exceptional universities that attract individuals who are smarter than smart. Corcoran: I'd add the many networking opportunities available to young professionals, such as the St. Louis Sports Commission's Young Professionals Group and the Regional Business Council's Young Professionals Network — and our exciting sports community, of course!
