A dispute between the owners of a nightclub and bar in Drogheda, Co Louth, over a share buyout agreement has been entered into the fast track Commercial Court list, writes Ann O'Loughlin.
Neil Kelly and Tom O'Gorman each own 50% of Crusoe's Fusion Ltd which owns the Fusion nightclub in George's Street, Mr O'Gorman said in an affidavit.
In April last year, Mr O'Gorman said, they entered into an agreement whereby Mr Kelly would buy out his shareholding, along with his interest in the property itself, for a total of €1.2m.
Mr Kelly later brought proceedings against Mr O'Gorman seeking that he perform the contract whereby he would resign as director and transfer his shareholding.
Mr Kelly also sought that Mr O'Gorman would perform another part of the contract whereby he was to transfer a number of properties in Narrow West Street, Drogheda, to Mr Kelly for a payment of €66,000.
Today, Mr O'Gorman applied to have the case transferred to the commercial list. Mr Justice Brian McGovern said it could be transferred and it was on consent between the parties.
Mr O'Gorman said in his affidavit that, under the share transfer deal, an instalment arrangement for payment of the €1.2m was agreed after Mr Kelly said he was not in a position to pay immediately.
It was also agreed Mr Kelly would transfer ownership of of two properties to Mr O'Gorman, it was claimed.
Mr Kelly failed or refused to transfer the properties or pay the instalments, Mr O'Gorman said.
Instead of making the payment, Mr Kelly instituted the specific performance proceedings last month which, as far as Mr O'Gorman is concerned, was "a ploy to avoid the terms of the agreement".
The case comes back before the Commercial Court in October.