Beakonford Ltd, owned by Mr Kavanagh, has been ordered by the Irish court to provide a €500,000 bond from an Irish-licensed bank as security for legal costs in a dispute with Oonagh Stokes and Barbara Wilding. The order stems from a lawsuit filed against Ms Stokes and Ms Wilding, alleging an attempt to extort €6 million from Beakonford during a planning application process.
must provide a bond from an Irish-licensed bank within a month for €500,000 as security to show it has the resources to fight aMr Kavanagh’s Beakonford Ltd has sued Inchanappa House owner Oonagh Stokes and local woman Barbara Wilding claiming there was an attempt to extract a payment of €6 million from the company as part of an objection lodged against the planning application.
Ms Stokes and Ms Wilding were not happy with the terms and nature of a bond that Beakonford first proposed to put up as security. They were not happy that there was evidence to say there was sufficient finance behind the bond. Beakonford insisted there was. In a judgment last week, Mr Justice Michael Twomey said the amount of the security should be €250,000 per defendant.
Following exchanges between barristers for the parties and the judge, Mr Justice Twomey ruled the security could be in a bond from an Irish licensed bank but it must be lodged with the court within a month. Alternatively, if it is to be in cash, it can be lodged within three months.
COURT LITIGATION SECURITY BOND PLANNING
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