Judge orders pair to pay €2.15m to complete shareholding contract

TWO businessmen said to have insufficient funds to complete a e3.57 million contract to buy a shareholding in a company have been ordered by the Commercial Court to pay the €2.15m balance of the amount due under the contract.

Mr Justice Peter Kelly made the judgment order yesterday against James McIntyre, of Boyne Hill, Navan, Co Meath, and Brian McDonagh, of Limekiln Hall, Dublin Road, Navan, after finding they had advanced no arguable defence to the application.

Gabriel Gavigan, for Padraig Kiernan, of Mullaboy, Kilnaleck, Co Cavan, and Richard Devlin, of Ballytoohey, Tarmonbarry, Co Roscommon, had sought the order arising from an agreement of September 26, 2008 under which the defendants agreed to purchase the plaintiffs shareholding in Ovenfeast Ltd and Ovenfeast Intelligence Ltd for a total sum of e3.575m.