A partner in a demolition company has claimed in the High Court that there had been a failure to comply with the terms of a break up agreement in which he was to be paid €400,000.
Richard Geraghty was granted an order by the court on Thursday restraining Vladimir Balmus, a co-shareholder with Mr Geraghty in Unbuilders Group Ltd, from transferring any part of the €400,000 which was lodged in the defendant’s solicitor’s client account.
Mr Geraghty, who lives in Hollingbourne, Kent England, said in an affidavit that as a result of a breakdown in the relationship between the parties, there were multiple court proceedings. They included a petition by Mr Geraghty under the Companies Act alleging that the powers of the company’s directors were being exercised in an oppressive manner.
Due to the irreconcilable breakdown, he said, a settlement was reached last May in which the two men agreed to terminate their relationship. Under it, Mr Geraghty’s shareholding was to be bought out for €400,000 by Mr Balmus with the money held in escrow by the defendant’s solicitor pending completion of the sale.
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Subsequently however, the defendant sought to frustrate and delay the payment out, Mr Geraghty said. His fears were exacerbated by what he said were “utterly spurious and untrue” allegations made by parties connected by personal relationships to both men.
As a result, it was necessary for him to bring the court application seeking injunctions compelling the defendant to pay the money to him and restrain him from registering the transfer of his shares in the company pending payment or a further order.
Mr Justice Brian Cregan said he was satisfied to grant an order restraining any payment of the money from the client account and preventing Mr Balmus from registering the shares of Mr Geraghty in the Companies Registration Office, pending a further order.
The application was made with only Mr Geraghty’s side present, and returns to court next week.
