Courts / Laois / Report
Couple claim business being sold undervalue
Summary
Cornelius and Sally Moloney, owners of a filling station and rental businesses in Mountrath, Co. Laois, have filed High Court proceedings to stop financial fund Promontoria (Aran) Ltd and receiver James Murphy from selling the business. They seek injunctions to prevent any sale or disposal of the filling station and related businesses, and to restrain any removal of equipment. The couple argue that the proposed sale price of €925,000 is a significant undervalue, especially since a third party offered €1.025 million, an offer they wish to accept. They claim the receiver has not advertised the property to obtain the best price and that the receiver intends to proceed with the €925,000 sale. The couple also allege that the receiver's duty is to secure the highest possible return to reduce their debt, which arose from a loan taken from Ulster Bank that was later acquired by Promontoria.
Who, what, where, when and why
What: Report matter: Couple claim business being sold undervalue. Procedural stage: hearing_or_decision
When:
- 2019-06-28 Publication
Why: The couple wants the best return from the sale of the property in order to reduce their overall indebtedness and claim the receiver has a duty to achieve the best price available for the assets. CNI source report
Case subjects
Applicant
Places mentioned
- High Court
Topics
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