The owners of the former Lee Valley Golf and Country Club have been ordered by the High Court not to reduce their assets below £100,000. The injunction was granted to a businessman, Mr Ivor McGirr, of Cleaveragh, Waterfall Road, Cork, who claimed he loaned the money to the club when it was experiencing financial difficulties. His counsel, Dr John O'Mahoney SC, told Mr Justice O'Sullivan the loan had never been repaid and Mr McGirr learned recently the club had been put up for sale. "My client has been told the property has been sold for £1.4 million and that the sale will close on next Thursday." Mr Justice O'Sullivan granted the assets-freezing order against Adderfleet Ltd, Clashanure Golf Club Ltd, and directors, Mr Jerry Keohane, Mr Ian O'Leary, Mr Barry O'Connell, Mr Brendan McDaid and Mr John McGirr.
Mr Ivor McGirr told the court that in May 1995 on the advice of his accountant, Mr Ian O'Leary, he advanced the loan to Lee Valley Golf and Country Club.
In November 1995, the club agreed to pay him £200 a week interest. An agreement to repay £10,000 of the capital sum never materialised and the £200 weekly interest payments had ceased in recent weeks.
Mr McGirr said it was public knowledge in Cork that the enterprise was being actively marketed, and neither his accountant nor any other director had contacted him about prospects of his loan being repaid.
He believed a contract for sale had been entered into with Mr John Cunningham, of National Vehicle Deliveries Ltd.
Last Tuesday, his solicitors had conducted a search of the Companies Registration Office, disclosing that Lee Valley Golf and Country Club Ltd had changed its name to Clashanure Golf Club Ltd and, as late as July 31st, had changed its name again to Adderfleet Ltd.