A High Court order that had restrained the appointment of a receiver to a Dublin city centre restaurant has been lifted by consent.
Pending the outcome of further court proceedings, the Il Pomo D'Oro restaurant at South William Street, Dublin, operated by Marcus Sweeney, will be operated as a going concern by a receiver appointed by Bank of Scotland Ireland (BOSI), George Maloney.
The restaurant is continuing to take bookings with hundreds already made for the busy Christmas season when it is expected to have a gross income of more than €200,000, the court heard.
The bank had sent in Mr Maloney as receiver last Tuesday arising from alleged defaults on repayments of a loan facility for more than €1 million provided by Bank of Scotland in October 2006 to 10 Restaurant & Bistro Ltd, the company that operates the restaurant and which is owned by Mr Sweeney and his father Martin.
The court heard Mr Maloney's arrival was greeted with "high agitation" by Mr Sweeney and his brother Karl and they had sent for gardaí. However, Mr Maloney said gardaí had declined to get involved when Mr Maloney produced documents verifying his appointment and he had reassured staff that the business would continue operating.
Lawyers for the restaurant company went to the High Court on Wednesday and secured an interim order restraining the appointment of the receiver.
Mr Sweeney argued that he had put a direct debit in place to meet repayments. When he learned that some €6,300 had not been paid on foot of that direct debit of November 13th, he took steps to ensure the money was paid.
Robert Beatty, for the company, yesterday sought an adjournment of the case on the basis the interim injunction remained in place. Mr Beatty said he needed time to produce full evidence in relation to the financial position and other matters.
Mr Sweeney and his father had put up properties owned by them as extra securities, a direct-debit mandate had been set up to service repayments and the arrival of Mr Maloney at the restaurant last Tuesday had come as a complete surprise to them, he said.
However, counsel for BOSI and the Revenue Commissioners opposed an adjournment if the interim injunction remained in place.
Brian Kennedy, for BOSI, said full information had not been put before the court by Mr Sweeney's side when the interim order was being sought, including that the bank had on October 5th demanded repayment of the €1 million. That was ignored by Mr Sweeney who had been told by the bank the matter was going to senior level.
Both sides agreed yesterday to adjourn the application for an injunction restraining Mr Maloney's appointment to December 10th on condition that the interim injunction to that effect is lifted.