Courts / Ireland / Report

Harcourt settles action over wind-up petition threat

Summary

In October 2018, the High Court case in which Harcourt Developments sought to stop Crest Nicholson from threatening to wind up the Irish company over a £2 million debt was settled. Harcourt, which says it is not insolvent and employs more than 800 people, had brought an action against the Surrey‑based Crest Nicholson, alleging that the firm was "improperly" threatening liquidation and that the petition was an attempt to force Harcourt to sell development lands in the UK at a significant undervalue. Harcourt claimed Crest had an ulterior motive and that the petition was a tactic to compel the sale of its interest in the development. The parties had previously agreed to develop lands near Bristol into housing, but the relationship broke down in 2015 when Crest sought to terminate the Joint Landowners Agreement.

Who, what, where, when and why

What: Report matter: Harcourt settles action over wind-up petition threat. Procedural stage: hearing_or_decision

When:

• 2018-10-05 Publication

Why: Harcourt claimed Crest Nicholson had "an ulterior motive" in seeking to have it put into liquidation. CNI source report

Places mentioned

Topics

Stage Hearing Or Decision

Read the original CNI report