Wednesday, 5 November 2008

Row over joint ventures between developers

TWO of Ireland's leading developers have settled an acrimonious dispute over their joint property empire, once conservatively valued at up to €105m.

Yesterday, the High Court heard that the relationship between solicitor Ivor Fitzpatrick and retail tycoon Paddy McKillen, who built up substantial property assets here and in the UK, "sundered" after they ventured into non-property business together in Vietnam.

The case, which was set to last for four weeks, was finally resolved after mediation efforts led by developer Paschal Taggart and former Attorney General Dermot Gleeson, the High Court heard yesterday.


Lawyers for the two men retired for last-minute talks yesterday morning after some details of a confidential agreement reached between the parties in December 2006 were revealed to the court, and after it was confirmed to Mr Justice John MacMenamin that the High Court had jurisdiction to make a winding up order.

The case partly opened earlier yesterday, with counsel for Mr Fitzpatrick outlining several allegations by the solicitor about the handling by Mr McKillen and his company, Fountain Properties, and relating to various interests of a group of companies called Canton Caseys Ltd. Half an hour into yesterday's Commercial Court proceedings, which were expected to take four weeks, the case was adjourned for talks. In the afternoon, counsel for Mr Fitzpatrick said the case was settled and all claims and counter-claims had been resolved.

Dearbhail McDonald and Tim Healy
Irish Independent

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