Efforts to seize a stud farm at Brannockstown on Monday evening (August 28) were thwarted resulting in a stand off with the receivers.
It’s understood the owner of Kennycourt Stud farm, Eugene McDermott has handed over the property to the Rodolphus Allen trust to protect it for future generations of his family. Mr McDermott is now a tenant of the trust, which aims to help property owners in trouble.
It’s understood up to 12 people locked themselves inside the stud farm. A digger blocked the entrance preventing gardaí and security guards from entering the site.
Last October, the High Court last week cleared the way for bank appointed receivers to sell the stud farm.
Eugene McDermott had sought an injunction preventing the receivers selling most of the property, pending the outcome of his full legal action. The Irish Bank Resolution Corporation had appointed Glenn Cran and Mark Reynolds of Savills Ireland as receivers over the farm, over Mr McDermott’s failure to repay €814,000. The injunctions were sought because Mr McDermott feared he would not have any right of way between his family home and the main road. It was claimed also that a valuer had estimated that the sale of 84 acres of the lands, instead of the full 120 acres which the receivers wanted to sell, would cover the total debt.
Michael Howard SC, for the receivers, said Mr McDermott would have a right of way over the lands, and the receivers were concerned any injunction or adjournment would put a proposed sale of more than 120 acres of the property at risk.
Last month, Bank of Scotland secured judgment orders for almost €7m in the Commercial Court.
Monday’sstand off ended when the gardaí and receivers left. However it is understood they are waiting on another High Court order.