Court clears way for sale of stud farm

THE HIGH Court has cleared the way for bank-appointed receivers to sell a stud farm in Co Kildare.

Eugene McDermott, whose family live at Kennycourt Stud, Brannockstown, had sought an injunction preventing the receivers selling most of the property pending the outcome of his full legal action.

The former Anglo Irish Bank, now Irish Bank Resolution Corporation, had appointed Glenn Cran and Mark Reynolds of Savills Ireland as receivers over the farm over Mr McDermott’s failure to repay a sum of €814,000. Mr McDermott now owes a sum of just over €1 million when receivers’ fees, interest and other costs are included, the court was told.

Yesterday, Mr McDermott, represented by Gary McCarthy SC and Martin Hayden SC, sought an injunction restraining the receivers selling and disposing of any part of his property.

The injunctions were sought on grounds including that Mr McDermott feared he would not have any right of way between his family home and the main road. The driveway linking his home to the public road runs through the section of land which the receivers intend to sell, the court was told.

It was also claimed a valuer had estimated the sale of 84 acres of the lands, instead of the full 120 acres which the receivers wanted to sell, would cover the total debt.

Michael Howard SC, for the receivers, opposed the application. Counsel said Mr McDermott would have a right of way over the lands and the receivers were concerned any injunction or adjournment would put a proposed sale of more than 120 acres of the property at risk.