Courts / Ireland / Report

Communicorp subsidiary acquires Buy & Sell magazine

Summary

The Supreme Court set aside a High Court decision that had conditionally allowed a liquidator to accept a higher offer from Midland Web Printing Ltd for the troubled Buy and Sell magazine. The Court ordered fresh bids to be submitted. Bernard Dunleavy Bl, acting for provisional liquidator Neil Hughes, informed the Court that Demirca Ltd had tendered the highest bid and had signed a contract confirming its acquisition. The amounts were not disclosed, but Justice Frank Clarke noted a "very significant difference" between Demirca's bid and those of its rivals. The Court, presided over by Justice Clarke with Justices Elizabeth Dunne and Mary Laffoy, said it would give reasons for setting aside the High Court decision later and that the fresh bidding process would benefit creditors. Earlier, at the High Court, Justice Gerard Hogan had approved Midland's bid, which was to be executed on 1 May, but Demirca appealed that decision.

Who, what, where, when and why

What: Report matter: Communicorp subsidiary acquires Buy & Sell magazine. Procedural stage: hearing_or_decision

When:

• May 1st Hearing Or Sentence
• 2014-06-05 Publication

Places mentioned

Topics

Stage Hearing Or Decision

Read the original CNI report