Kentech directors win stay on $683k judgment

Two directors of the Cork-based Kentech group have secured a two-month stay on execution of judgments for $683,000 (€539,000) against them following disputes about implementation of a settlement agreement to buy another director’s shares for $11m.

Sarah and John Kent had argued an order for execution would put the company in “immediate peril” on grounds including a risk Danske Bank would call in a $7m overdraft facility plus $4.5m of outstanding bonds. A third director, John Gilley, also sought a stay on execution of a $57,000 judgment entered against him.

John Murphy, of Coach Hill, Rochestown, Co Cork, the director who sought execution of the judgments as part of the €11m settlement of legal proceedings against the other directors, disputed as “scarcely credible” the claims execution of the judgment would put it in peril, saying it has annual revenues of up to $140m.