High Court is told Bula receiver wants to sell Co Meath mining lands

The receiver appointed 14 years ago by a number of banks over the company which owned the Bula mine in Co Meath now wants to sell the mining lands, the High Court was told yesterday.

Mr Bryan Murray, counsel for the receiver, Mr Laurence Crowley, asked the court to strike out proceedings taken by the directors of Bula Ltd (in receivership).

Mr Justice O'Donovan adjourned the application until Thursday.

Mr Murray said the matter was "of considerable urgency" because the Bula directors' court proceedings were supporting a lis pendens (a registered objection) which is preventing Mr Crowley taking steps to dispose of the mining lands at Nevinstown, Navan.

Counsel for Bula Ltd told the court that the company's managing director, Mr Michael Wymes, of Bective House, Navan, Co Meath, had been out of the Republic until last Friday and had not had enough time to deal with a complex affidavit submitted in support of Mr Crowley's application.

Mr Crowley's move comes after the Supreme Court last January rejected an appeal by the company and its directors, Mr Wymes and Mr Richard Wood, of Carrig rohan, Co Cork, against a High Court finding that the Minister for Energy and Tara Mines Ltd were not responsible for the failure of the mine.

The action had been in the courts for 10 years before Mr Justice Lynch (now a member of the Supreme Court) dismissed the Bula claim in the High Court in 1996 after a 277-day hearing. It was the longest-running legal action in the history of the State.

Mr Justice Keane in his Supreme Court judgment last January said it was "tragic" that the Bula venture had ended "with litigation on so catastrophic a scale".

The litigation stemmed from the discovery almost 30 years ago of rich deposits of lead and zinc in the Nevinstown area of Co Meath by Tara Exploration and Development Company Ltd.

One sixth of the ore body was underneath a 120-acre farm owned by Mr Patrick Wright who entered into arrangements with Mr Wymes and Mr Wood for the development of the minerals under his land.

Mr Crowley was appointed by the banks in 1985 when Bula Ltd was declared insolvent with liabilities of £30 million.

The banks appointed Mr Crowley as receiver in 1985 to sell the mortgaged property so that they could be repaid.