Bula Ltd. (In Receivership) & Ors v. Crowley & Anor [2003] IESC 28 (11 April 2003)

Bula Ltd. (In Receivership) & Ors v. Crowley & Anor [2003] IESC 28 (11 April 2003)

The Receiver fulfilled his statutory duty under s. 316A by conducting an extensive, expert-advised, and open marketing process, obtaining the best price reasonably obtainable at the time of sale. The High Court was correct to approve the sale, and the refusal to allow cross-examination or further adjournment did not amount to a denial of fair procedures.

Citation
[2003] IESC 28
Parties
Plaintiff/appellant: Bula Limited (In Receivership); Plaintiff/appellant: Bula Holdings; Plaintiff/appellant: Richard Wood; Plaintiff/appellant: Michael J. Wymes; Defendant/respondent: Laurence Crowley; Defendant/respondent: Tara Mines Limited; Other: Northern Bank Finance Corporation Limited; Other: Ulster Investment Bank Limited; Other: Allied Irish Investment Bank Limited
Jurisdiction
Ireland
Judgment Date
11 April 2003
Procedural Posture
Appeal / Supreme Court Judgment on Four Consolidated Appeals From High Court Orders
Outcome
Appeals dismissed
Legal Topics
Receiver's Duty of Care, Sale of Company Assets, Section 316 Companies Act 1963, Best Price Obligation, Court Approval of Sale, Fair Procedures in Receivership
Company Law Insolvency Receivership Receiver's Duty of Care Sale of Company Assets Section 316 Companies Act 1963 Best Price Obligation Court Approval of Sale +1 more

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 9 Party arguments 2 Amounts and remedies 2
Sign in to unlock

Parties

Bula Limited (In Receivership)

Plaintiff/appellant

Bula Holdings

Plaintiff/appellant

Richard Wood

Plaintiff/appellant

Michael J. Wymes

Plaintiff/appellant

Laurence Crowley

Defendant/respondent

Tara Mines Limited

Defendant/respondent

Northern Bank Finance Corporation Limited

Other

Ulster Investment Bank Limited

Other

Allied Irish Investment Bank Limited

Other

Procedural Posture

Appeal / Supreme Court Judgment on Four Consolidated Appeals From High Court Orders

Legal Issues

  1. 1 Whether the Receiver exercised all reasonable care to obtain the best price reasonably obtainable for the property at the time of sale under s. 316A of the Companies Act 1963
  2. 2 Whether the High Court erred in approving the sale to Tara Mines Limited
  3. 3 Whether fair procedures, including cross-examination and discovery, were denied to the plaintiffs

Ratio Decidendi

The Receiver fulfilled his statutory duty under s. 316A by conducting an extensive, expert-advised, and open marketing process, obtaining the best price reasonably obtainable at the time of sale. The High Court was correct to approve the sale, and the refusal to allow cross-examination or further adjournment did not amount to a denial of fair procedures.

Court Disposition

Appeals dismissed

Orders

  • Order of the High Court approving the sale to Tara Mines Limited affirmed
  • No stay or injunction granted against completion of the sale