Dispute over Blackrock premises which receiver wants to sell

By Ann O'Loughlin

A dispute over a commercial property in South County Dublin which a financial fund-appointed receiver wants to sell has been admitted to the fast track Commercial Court list.

Cheldon Property Finance Designated Activity Company and receiver Ken Tyrell want to sell a property located at 13-15 Rockhill, Main Street Blackrock Co Dublin which is owned by Ms Deryn Mackay.

The fund, represented by Rossa Fanning SC, claims €2.5m is due and owing to it by Ms Mackay arising out of loans advanced to her by PTSB between 2003 and 2007.

The loans were acquired by Cheldon in 2015.

The premises in Blackrock was put up as security for what Cheldon claims were advanced for commercial purposes.

Ms Mackay claims that following talks between her advisor and Pepper Asset Finance DAC, who are service providers for Cheldon, she has a binding agreement whereby Cheldon must accept €800,000 to settle her outstanding debts and vacate the mortgage over the property.

Cheldon denies that there is a binding agreement between the parties and wants to sell the premises to reduce her indebtedness.

Last September Ms MacKay, represented by Martin Hayden SC obtained a temporary ex parte injunction restraining the receiver and Cheldon from selling the property.

Mr Fanning told the court that his client wants the case transferred to the Commerical list to ensure the proceedings are dealt with expeditiously.

The case was admitted to the fast track Commercial Court list by Mr Justice Robert Haughton.

There was no objection to Cheldon's application to have the case admitted to the list.

The judge adjourned the case to a date in November.

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