Three pay €3.5m in settlement of share sale guarantee

THREE people have agreed to pay €3.5 million arising out of guaranteeing a share sale and purchase agreement for a company, the Commercial Court heard yesterday.

Brian Madden, Rathfeigh, Tara, Co Meath; Gregory Coughlan, Fastnet House, Kinsale and Brendan Murtagh, Dungheeda, Kingscourt, Co Cavan, had given guarantees under an agreement arising out of the sale and purchase of a number of shares in Maulbawn Holdings Ltd (formerly Haulbowline Industries Ltd) of The Dockyard, Passage West, Cork, in August 2006.

David Charles Hill of Thornhill Cottage, Ballinlough Road, Cork; Orlando Edwin Hill, Lackaroe, Glenbrook, Cork and Roger Hill, Wrenbank, Mount Oval Village, Rochestown Cork, had sued them arising out of their alleged failure to pay all the monies outstanding under an agreement worth a total of €5m.