A dispute over a £100,000 debt claim against the owners of the former Lee Valley Golf and Country Club in Co Cork has been settled in the High Court. Last week, businessman Mr Ivor McGirr, of Cleaveragh, Waterfall Road, Cork, won an interim injunction restraining the club and a number of directors from reducing the club's assets below £100,000.
Dr John O'Mahony SC, counsel for Mr McGirr, told Mr Justice Geoghegan yesterday that the parties had reached agreement on terms and the matter could be put in for mention on November 3rd.
Dr O'Mahony asked that in the meantime the injunction be continued against directors Mr Ian O'Leary and Mr Barry O'Connell.
Mr David Holland, counsel for Lee Valley Golf and Country Club Ltd, Adderfleet Ltd, Clashanure Golf Club Ltd and a number of directors, said that there had been a resolution of the entire proceedings and the adjournment had been agreed to facilitate implementation of the settlement terms.
Mr McGirr had claimed that he loaned the club £100,000 at a time when it was experiencing financial difficulties and alleged that the capital sum had never been repaid. He had received weekly interest payments of £200, but these had ceased in recent weeks.
The court previously heard that the property had been sold for £1.4 million.
Mr McGirr said that in May 1995, on the advice of his accountant, Mr Ian O'Leary, of Cook Street, Cork, he had advanced the money to Lee Valley Golf & Country Club Ltd and had obtained a receipt.