Justice Liam Kennedy told members of the Harty family to ‘reflect on the benefits of constructive engagement’ to resolve all ongoing disputes
The judge ruled that unless the family can resolve the matter, he would in the coming weeks approve an application by Dr Harty for judgment for €10 million against the family firm.The High Court has urged members of the family behind a major manufacturing business to resolve a row over an outstanding buyout payment of €10 million to a former chief executive and son of the founder.
Ned, now an octogenarian, remains actively involved in the business. In 1998, his sons Ed and John joined the business. Those proceedings settled on the basis that Ed would cut ties with the company and receive €44 million for his majority stake in a series of instalments over five years. In 2022, a restructuring of the business took place. This arose because the company was facing a new obligation to file its accounts which had been private.
The company denied the restructuring prejudiced Ed, pointing out its credit risk had not changed from a creditor’s perspective and that it had sufficient funds to meet the payments.
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