An action to recover more than £100 million pounds from Bula Limited may proceed, the High Court ruled yesterday. Mr Justice Barr said he accepted it was in the interest of Bula Holdings to proceed for judgment against Bula Ltd. as soon as possible because there were other competing claims which might result in various substantial judgment mortgages being registered against Bula's mining property in Co Meath.
The most important of these was "a potentially huge bill for costs" for which Bula could be liable if it loses its Supreme Court appeal against a High Court's finding against Bula in proceedings taken against Tara Mines, the State and others, the judge said.
Bula Holdings is seeking repayment of a sum of almost £101 million pounds from Bula Ltd., which is in receivership. Bula Holdings claims that sum is a combination of capital advanced to Bula on dates from December 23rd 1979 and interest on that amount.
In proceedings before Mr Justice Barr, Bula Ltd., sought a stay on the action for recovery of the monies pending the outcome of a Supreme Court appeal relating to other proceedings relating to Bula Ltd.
Mr Laurence G.Crowley, receiver to Bula Ltd., submitted that the action by
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