AIB and receivers it appointed to Dan Morrissey (Ireland) Ltd, the company which allegedly owns Ballyburn House, Castledermot, Co Kildare, want to sell the property in order to reduce a €26.9m debt owed by the concrete and quarrying firm to the bank.
The receiver has an agreement in place to sell the property for €5.6m but is unable to close the deal because it claims Philip Morrissey Jnr has asserted an ownership interest and is in occupation of Ballyburn House.
The property includes seven acres of land as well as an adjoining property at Ballyburn Upper in Castledermot.
AIB and the receivers dispute Mr Morrissey’s claim. In their proceedings AIB and the receivers seek orders from the Commercial Court requiring Mr Morrissey and all persons concerned to deliver up possession of the property to them.
Mr Justice Brian McGovern yesterday admitted the case to the fast-track Commercial Court list. The receivers also seek a declaration Mr Morrissey has no legal or equitable interest in the property. Mr Morrissey is a son of one of the company’s directors. AIB and the receivers claim the property was owned by Dan Morrissey Ltd.
The property was put up as security for monies AIB advanced to the company in 2009. The loan was advanced for various purposes including to refinance existing loans, acquire quarrying lands in Carlow/Kildare areas and as working capital for the company.
In 2014 AIB made a demand on the company for €26.9m, which was not satisfied. That lead to it appointing receivers over the company in June 2014.
At that time Mr Morrissey was in occupation of the property. He initially said the occupation was on foot of a tenancy agreement, but subsequently he made a claim he has an interest in the ownership of Ballyburn House.
AIB rejects the claim. It says it was never asked to nor did it consent to the disposal by the company of any interest in any part of the property at all.
Representing himself Mr Morrissey, told the court he is not working at present and his wife is pregnant. He sought an adjournment until the Legal Aid Board considered his application.