Courts / Monaghan / Report
Bankrupt Monaghan man seeks to sue real estate company over site valuation
Summary
At the High Court, a matter concerning Jim McConnon and the Official Assignee was adjourned to a date after the Easter holidays. Mr McConnon, a Co Monaghan shopkeeper adjudicated bankrupt in July last year following a €32m judgement by Zurich Bank (now Dunbar Assets Ireland), seeks permission to sue real estate company CBRE. He alleges CBRE negligently valued two sites near Castleblayney at €30m in 2007, a figure he claims was 940% of the true market value, which an independent valuer recently assessed at €3m. Relying on these reports, Mr McConnon borrowed €32m to develop a shopping centre but failed to repay the loans. He also alleges personal injury and defamation against CBRE. As an undischarged bankrupt, Mr McConnon requires the Official Assignee's permission to proceed under Section 44 of the Bankruptcy Act. The Official Assignee, Mr Chris Lehane, stated his office requires a surety before allowing the action to continue, citing potential cost implications for the taxpayer if the claim fails. Mr McConnon's counsel, Vincent P Martin, argued that his client has a constitutional right to proceed even without providing a surety. The judge adjourned the matter to a date after the Easter holidays.
Who, what, where, when and why
What: Report matter: Bankrupt Monaghan man seeks to sue real estate company over site valuation. Procedural stage: trial
When:
- April 2007 Other
- 2015-03-23 Publication
Why: Counsel said because he is an undischarged bankrupt, Mr McConnon now seeks permission from the Official Assignee, who is the official in charge of his bankruptcy, to proceed with his civil action. CNI source report
Case subjects
Applicant
Outcome: The judge adjourned the matter to a date after the Easter holidays.
Applicant
Outcome: The judge adjourned the matter to a date after the Easter holidays.
Places mentioned
Topics
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