Bankrupt Monaghan man seeks to sue real estate company over site valuation

A Monaghan shopkeeper who was made bankrupt following a €32m bank judgment sought High Court permission to pursue a negligence claim against real estate company CBRE over property valuations in Castleblayney. The man borrowed €32m from Zurich Bank in 2007 to develop a shopping centre, relying on CBRE valuations placing the sites at approximately €30m. He subsequently defaulted on the loan and was adjudicated bankrupt in July 2014. An independent valuation later commissioned by the man assessed the 2007 value of the two sites at €3m. He issued proceedings against CBRE in December alleging negligence, personal injury, and defamation. However, as an undischarged bankrupt, he required permission from the Official Assignee to proceed. The Official Assignee's office opposed the action absent a surety or security mark, citing bankruptcy legislation and potential cost implications. The man's counsel argued for a constitutional right to pursue the claim regardless. Ms Justice Caroline Costello adjourned the matter to after the Easter recess.