Demolition company partner alleges breach of break up agreement

A partner in a demolition company claimed in the High Court that there was a failure to comply with the terms of a break-up agreement where he was to be paid €400,000.

Richard Geraghty obtained a court order restraining Vladimir Balmus, a co-shareholder in Unbuilders Group Ltd, from transferring the €400,000 held in the defendant’s solicitor’s account.

Mr Geraghty, residing in Hollingbourne, Kent, England, stated that due to a breakdown in their relationship, multiple court proceedings ensued, including a petition under the Companies Act alleging oppressive exercise of powers by the company’s directors.

Following the irreconcilable breakdown, a settlement was reached last May, agreeing to terminate their relationship. Mr Geraghty’s shareholding was to be bought out for €400,000 by Mr Balmus, with the money held in escrow by the defendant’s solicitor until completion of the sale.

However, the defendant attempted to delay the payment, prompting Mr Geraghty to seek injunctions compelling payment and restraining share transfer until payment or a further order.

Mr Justice Brian Cregan granted an order restraining payment from the client account and preventing share registration pending a further order.

The application, presented by Mr Geraghty, will return to court next week.

According to the source: The Irish Times.