Ballybay Mart’s deficit has reduced by €140,000 over a three-and-a-half week period, it was heard in the High Court this morning (Tuesday, December 14).
The case between Corcaghan Co-operative Agriculture & Dairy Society Limited, trading as Ballybay Livestock Sales, and the Property Services Regulatory Authority (PSRA) was back before President of the High Court, Ms Justice Mary Irvine.
On November 23, the High Court lifted a temporary suspension of the Co. Monaghan mart’s licence that had been in place for a period of one week based on an application made by the PSRA.
Counsel for the PSRA, Hugh McDowell told the court that the mart’s account deficit had reduced from €243,000 on November 26 to €103,000 on December 9.
He said the PSRA is satisfied that progress is being made in the right direction and a number of conditions that were put in place previously by the court, on behalf of the PSRA, were being adhered to.
A weekly reporting mechanism is proceeding satisfactorily, and a firm of accountants in Carrickmacross called Amatino, is currently working through client account issues with the mart, he told the court.
“Progress is slow but it is progress,” he said.
It was agreed that ending the court’s involvement now in this matter would be premature, and it will come back before the High Court on February 15, 2022.
At the November 23 hearing, Justice Mary Irvine, granted Ballybay Mart’s application to have the licence suspension lifted, provided the mart agreed to a number of conditions put forward by the PSRA in order to protect current and potential clients of the mart
Such conditions included that an independent accountant/auditor be appointed to oversee the mart’s accounts, and that the provision of credit to mart customers was suspended.
The mart was also compelled to send a weekly report to the PSRA outlining that all conditions set were being met.