Burlington Plaza injunction application struck out after offer accepted

This report is a localnews.ie summary based on public court reporting and records; sources are listed below.

Coolbrook Developments’ injunction application was struck out by the High Court after the company accepted Percy Nominees Ltd’s offer to include any bid for its interest on the court file. The proceedings were reported on 23 February 2017. Coolbrook Developments owns 50 per cent of the Burlington Road property and challenged the proposed sale process for Percy Nominees Ltd’s 25 per cent interest.

Coolbrook Developments claimed the sale breached an agreement requiring buyers to be at arm’s length from sellers. Lawyers for Percy Nominees Ltd rejected the claims and said there was “no evidence before the court” supporting the allegations about the sales process. Aidan Redmond SC, for Percy Nominees Ltd, said appointing a “referee” would damage his client’s reputation, but offered to include bids on the court file. Coolbrook Developments accepted that offer, providing the basis for Mr Justice Paul Gilligan to strike out the application. The judge also allowed Coolbrook Developments to re-enter the proceedings on 24 hours’ notice to the defendants.