Businessmen Richard and Hugh Farrington, who are stated to own £20 million in property assets in Dublin, are no longer able to agree to work together even for the benefit of their now disputed business partnership, the High Court heard yesterday.
Mr Richard McDonnell, counsel for Mr Richard Farrington, told Mr Justice Butler that, since 1989, the brothers had built up a property portfolio worth £20 million, with debts and mortgages of £7 million outstanding to the banks.
He said part of the portfolio consisted of the Statoil multi-storey car park and service station at Ushers Quay, Dublin.
Mr McDonnell said the brothers were no longer able to work as partners and Richard, of Holmwood, Brennanstown Road, Cabinteely, Co Dublin, had served notice of his intention to seek a dissolution of the partnership.
He said Mr Hugh Farrington, of Kilmore, Bailey View, Harbour Road, Dalkey, Co Dublin, was denying the existence of a partnership.
Mr Richard Farrington was now seeking the appointment by the court of a receiver to manage business matters until the trial of legal proceedings between the brothers. Mr McDonnell said Mr Richard Farrington was seeking an order dissolving the partnership or a declaration that it had already been dissolved.
The matter was adjourned until next week to allow Mr Hugh Farrington file an affidavit in which, it was stated, he would deny the existence of a partnership with his brother.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)