The long-running dispute between property development company Treasury Holdings Limited and Lancefort Company Limited, described as "active in the promotion of proper planning", came to a head at the High Court yesterday when Treasury Holdings petitioned for the winding-up of Lancefort. Ms Justice Carroll reserved her judgment.
Treasury Holdings claims it had successfully defended proceedings brought against it by Lancefort in relation to premises at College Green, Dublin. Lancefort had opposed the grant of planning permission to Treasury Holdings.
Treasury Holdings was awarded its legal costs against Lancefort in relation to one set of proceedings and when Lancefort failed to pay the amount of the demand, £23,833, Treasury Holdings yesterday applied to have Lancefort wound up.
Mr Michael Cush SC, for Lancefort, said his clients were appealing a Supreme Court finding in favour of Treasury Holdings to the European Court of Human Rights in Strasbourg. If successful and if awarded damages, Treasury Holdings would not only be paid the demand but the entire debts due by Lancefort. These would include debts due for other proceedings taken by Lancefort.
Mr Cush asked that the presentation of the Treasury Holdings petition should await the outcome of the Strasbourg proceedings.
Mr Maurice Collins, for Treasury Holdings, said the petition had only been presented to the court after all outstanding issues between Treasury Holdings and Lancefort were resolved.
He said his solicitors had discovered that the Lancefort application to the European Court had been struck out. Nothing had been said about the prospects of that application being reinstated.