Dispute over funding for housing debt advisory group goes to arbitration

The plaintiffs claim the agreement will at least halve the commercial return due to New Beginning Management Services Ltd and destroy NBMS as a going concern with the loss of jobs

The 'New Beginning' group claims it will be destroyed by a decision of a funding partner to halve payments. File photo

A dispute over the termination of a funding agreement for a debt advisory group working to provide social and affordable housing has been referred to arbitration, the Commercial Court has heard.

The "New Beginning" group claims it will be destroyed by a decision of a funding partner to halve payments for its day-to-day operations from €20m to €10m.