A software company led by Liverpudlian comedian John Bishop has secured a €1 million judgment against Irish technology investor Brendan Morrissey and his investment vehicle after the High Court heard they defaulted on a settlement agreement reached last year.
Mr Morrissey’s BAK Holdings Ltd was an equal 42.5 per cent shareholder with Mr Bishop in Hears Technology, which was founded to develop hearing tests on smartphones and other devices. Other investors in the firm are U2 drummer Larry Mullen, Mr Bishop’s son Joseph and Portfolio Ltd.
Hears issued proceedings in September 2022 alleging Mr Morrissey defrauded Hears out of some €1 million that was allegedly paid to Malta-registered BAK for software development services.
BAK denied the claims, while Mr Morrissey, of the Pink House, Kells, Co Kilkenny, claimed he played a pivotal role in Hears’s origin and development. He said all the transfers from Hears to BAK were legitimate, while the allegations against him were false and “trumped up”.
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BAK brought a separate action against Hears alleging shareholder oppression. Mr Morrissey alleged John Bishop had set Hears on course for “dissolution and demise”. Mr Bishop strongly denied the claims.
The cases were settled last June, with either side able to apply to the court for re-entry of the matters if needed.
This week, barrister Stephen Walsh, for Hears, applied to have the case re-entered to the Commerical Court to enforce the agreement following an alleged default by the defendants.
He told the Commercial Court the settlement involved Mr Morrissey and BAK agreeing to make payments in four instalments to Mr Bishop in return for his shares in Hears Technology.
A clause provided that any missed payments would see BAK’s shares in Hears cancelled, with Hears entitled to apply for judgment of just over €1 million, less any sums paid, the court heard.
Mr Justice Denis McDonald was told a payment was missed and the defendants’ solicitors said in correspondence they would not object to the proposed orders.
He approved the orders sought, including judgment of €1.09 million in favour of Hears. He agreed to cancel the shares in Hears held by BAK.
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