A dispute over plans by builder Tom Bailey’s family for the development of a €40 million land bank in Co Kildare has been resolved, the Commercial Court has heard.
A previous resolution “in principle” of the dispute broke down in July although discussions continued between the parties.
On Monday, Bernard Dunleavy SC, for one of the parties, Citadel Corporate Services Ltd, said the entire proceedings had been resolved and could be struck out.
Mr Justice Denis McDonald welcomed the settlement and vacated February dates that had been set for the hearing of the case.
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The dispute concerned Mr Bailey’s family and a firm that acted as a trustee for a discretionary trust involved in the planned development of the Kildare land bank.
One case was brought by members of the Bailey family against the trustee firm and a second was then brought by the trustee firm against Mr Bailey.
The first case was brought by Mr Bailey’s wife, Caroline Bailey, and their children, Ellen and Jeff, against Citadel Corporate Services.
Citadel, whose sole director is businessman Ronan Barrett, was an administrator/co-trustee, along with Sopal Ltd, of the Culcommon Trust which Mr Bailey set up and whose main beneficiaries were his wife and two children.
The trust’s main asset is 250 acres of development land on the border of Kildare and Meath, at Moygaddy near Maynooth.
The land is held through Isle of Man-registered Skycastle Ltd which has proposed a major development including a technology/business park, residential units, sports campus and public hospital, on the land.
To unlock funds for the development, debt funding needed to be raised to purchase shares held by a company called Sky Castle Holdings under call options involving various other companies.
One of those companies is Moygaddy Holdings, of which Mr Barrett is also a director, which owns 35 per cent of the shares in Sky Castle Holdings.
Mr Barrett, who had been involved with Mr Bailey in another successful land acquisition and development project in Kilcock, began in early 2021 to reference a desire to exit his/Citadel’s role in the trust and in a related company called Glenvala Limited Partnership, it was claimed by the Bailey side.
However, a dispute arose when Mr Barrett said he should get a shareholding/profit share in the Culcommon Trust development project.
The first case was entered into the Commercial Court earlier this year followed by the second case brought by Citadel against Mr Bailey himself.
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