The president of the High Court has agreed to adjourn legal proceedings against Mountbellew Mart in Co. Galway until July.
The Property Services Regulatory Authority (PSRA) had brought legal proceedings against in Mountbellew Mart in Co. Galway earlier this year in relation to irregularities which it had identified following an audit of the mart.
The PSRA, which was established in 2012, is the statutory body with responsibility for licensing and regulating the property services sector in Ireland.
The legal proceedings against Mountbellew Mart followed an audit of the mart undertaken by the PSRA which had focused on the period from 2010-2012.
The Co. Galway mart had its licence temporarily suspended by the PSRA in February but this was later restored by the High Court in February.
Mountbellew Mart was established as a cooperative in July 1989 and it requires a licence from the PSRA to trade. According to the mart, it has been running sheep sales since 1989 and cattle sales from 1986.
During the High Court hearing in February it was disclosed that the mart had raised a sum of €183,000 in the local community to clear a “deficit” at the mart due to historical debt relating to the years 2011 to 2012.
It was agreed that this sum would be be held in the account to ensure it remained in credit
Mountbellew Mart had also given eight undertakings to the PSRA going forward – these included an undertaking to ensure that the sums raised to address the deficit would remain in a client account and that similar circumstances in relation to a deficit would not be allowed to develop again.
The president of the High Court, David Barniville, was told by the PSRA today (Friday, May 19) that the mart was complying with these undertakings and that steps were continuing to be taken.
President Barniville said that he was satisfied that as everything was “moving in the right direction” he would adjourn the proceedings against Mountbellew Mart until July, 28.