A fuel company director is to co-operate with a bank-appointed receiver who has taken over the running of the business, the Commercial Court has heard.
Receiver Kieran Wallace had alleged Michael Curran, director of XL Fuels Group, Oldcastle, Co Meath, had failed to co-operate with him.
The receiver brought proceedings, including for injunctions, against Mr Curran, his mother Maureen, who is also a company director, and the firm's accountant, Edmund Cahill, of Kells Business Park, Co Meath.
The court was told yesterday by Rossa Fanning BL, for the receiver, that the proceedings against Mrs Curran and Mr Cahill could be struck out.
The case against Mr Cahill was being withdrawn on condition Mr Cahill withdraws a professional complaint he had made against the receiver, counsel said.
The injunction matter against Mr Curran had also been resolved following discussions in recent days, Mr Fanning said.
Full proceedings
However, the full proceedings against Mr Curran remained in being as there were certain issues still to be discussed in relation to other trading companies associated with Mr Curran, counsel said.
Mr Curran, as part of the resolution of the injunction application, had agreed to pay €28,000 to XL Fuels (in receivership) before December 11th and to re-register certain business names in the name of the receivership.
He has also agreed to use his best endeavours to secure the return of plant and machinery, owned by XL, within seven days.
He further agreed to consent to judgment for €193,000 in relation to directors’ loans and not to interfere with the receivership.
Mr Fanning asked that the full proceedings be adjourned to next month to allow for discussions on the outstanding matters.
Mr Justice Brian McGovern agreed to that adjournment and said it was important matters are dealt with so that they do not have to be referred to the Director of Corporate Enforcement.
The court was told Bank of Ireland, which appointed the receiver to XL over a €2.26 million debt, is proceeding with its application for a €1 million judgment against Mrs Curran, who provided a guarantee for the loan facilities.
Mr Curran previously had judgment for around €2.2 million entered against him.
