Additional reporting by Michael Geary
The Property Services Regulatory Authority (PSRA) has confirmed to Agriland that Mountbellew Mart in Co. Galway has had its licence temporarily suspended.
It follows the PSRA launching legal proceedings against the mart in the High Court.
Agriland understands that the case centres on alleged irregularities with the mart’s client account.
The PSRA, which was established in 2012, is the statutory body with responsibility for licensing and regulating the property services sector in Ireland.
This includes auctioneers, estate agents, letting agents and management agents.
The legal proceedings against Mountbellew Mart followed an audit of the mart undertaken by the PSRA which focused on the period from 2010-2012.
It is believed there has been a deficit at the mart due to historical debt for over a decade, which the mart has been attempting to deal with for some time now.
It is understood that the PRSA is not prepared to wait any longer and wants the mart to resolve the matter. The case does not relate to the mart’s trading performance in recent years.
Mountbellew Mart
A spokesperson for the PSRA told Agriland that it does not comment on the details of ongoing investigations or cases before the courts.
However, the PRSA did confirm that Mountbellew Mart’s licence has been temporarily suspended, pending a further hearing by the High Court scheduled for February 16.
Mountbellew Mart does not have a manager and the facility is operated on a voluntary basis at all levels.
The mart had been due to hold a sheep sale last Saturday (February 4), however this was cancelled.
In a post on Facebook, the mart has confirmed that there will be no sheep sale tomorrow (Saturday, February 11).
The mart is hoping to resume trading as soon as possible.
It is understood that the mart committee is putting together a plan which it will then present to the PRSA for consideration.