Legal action continues for orders requiring security from printing company

A legal action for orders requiring a printing company provide €3 million security for the legal costs of its action over loss of a valuable multi-year agreement to publish several newspapers will continue next week.

Webprint Concepts Ltd has sued several parties in the Commercial Court claiming it lost the contract as a result of a “wilful” and “pre-packaged” restructuring of the Thomas Crosbie media group.

All the defendants have asked Ms Justice Mary Finlay Geoghegan for orders requiring Webprint provide security for the costs of the case, to be heard in October.

Webprint is opposing the applications on grounds its financial difficulties arose from an alleged contrived restructuring. The financial loss exceeds the alleged legal costs of €3.1 million, it claims.

The case is against Thomas Crosbie Printers Ltd; Thomas Crosbie Holdings Ltd (TCH); Bontbury Ltd (trading as Landmark Media Investments); AIB; TCH receiver Kieran Wallace; Irish Times Ltd; TCH director Thomas Patrick Crosbie and TCH Chairman Alan Crosbie.