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High Court Rules Dunnes Must Pay €15.5m To Crosbie Receivers

Published on Nov 16 2017 11:56 AM in Retail tagged: Featured Post / Dunnes Stores / Point Village Development Limited / National Asset Management Agency / The Gibson Hotel

High Court Rules Dunnes Must Pay €15.5m To Crosbie Receivers

The High Court has ruled that Dunnes Stores must pay €15.5 million to Harry Crosbies receivers 'forthwith'.

The court ruled that Dunnes Stores must make the payment to comply with the agreed terms of settlement of a dispute in relation to the planned Point Village Development, reports RTE.ie.

The receivers reportedly claimed the settlement was 'due between Dunnes and Point Village Development Limited (PVD) in a deal negotiated by its chairman Harry Crosbie in 2010, before the National Asset Management Agency appointed joint receivers over the company three years later'.

The North Wall Quay based development, had previously claimed that Dunnes 'failed to honour a 2008 agreement to become the anchor tenant in the centre', however, the Irish retailer disputed this and reportedly said that PVD had not complied with some of its obligations.

The case was orginially settled in 2010 but further disputes surfaced.

The well-known Dublin development, currently houses the Point Village centre, Point Square, The 3Arena, The Gibson Hotel as well as an array of retail units, bars and restaurants.

© 2017 - Checkout Magazine by Donna Ahern

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