Auditor report on mart’s alleged financial irregularities expected by year end

An auditor’s report into alleged financial irregularities by previous management at a Co Monaghan livestock mart is expected to be ready by the end of the year, the High Court has heard.

Last year the court suspended the operating licence of the Corcaghan Co-operative Agricultural and Dairy Society Ltd, trading as Ballybay Livestock Sales, and also froze its bank accounts.

The application was brought to the court by Property Services Regulatory Authority (PSRA), the watchdog for the property services sector.

The suspension was lifted in November after new management asked to be allowed trade out of the difficulties which were alleged to have been created by the previous management.

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This was on the basis that the court would have a supervisory role in its affairs that a third-party auditor or accountant would oversee and manage its client accounts.

The case came back before the court a number of times since then and an auditor has been compiling a report on all irregularities by previous management, Hugh McDowell, for the PSRA, told the court on Monday.

Counsel said the conditions imposed on the mart have been complied with. It is hoped the auditor’s report will be ready by the time the case next comes before the court this side of Christmas. It is also hoped the matter can be struck out at that stage, he said.

There was no appearance on Monday on behalf of the mart, but Mr McDowell said the adjournment was being sought on consent between the parties.

High Court president Mr Justice David Barniville agreed to put it back to December when, he said, it would hopefully be possible to finalise matters.

The mart’s licence was suspended after its debts reached between €480,000 and €490,000. That would rise to €690,000 if cheques drawn from the business were cashed.