A partnership involving family members behind the publishing firm Gill has resolved its High Court action against a financial services fund over an attempt to call in a €3.3 million loan.
Windsor Partnership is the landlord of premises at Park West, Gallanstown, Co Dublin that houses book publisher Gill, which until January last, had traded under the name of Gill and Macmillan.
Last month, Michael Gill, Anne Gill, Marianne Gill, Fionnula Gill, Ruth Gill and Gabriel Byrne, trading as the Windsor Partnership, secured a temporary High Court injunction preventing Gulland Property Finance Ltd, who acquired loans entered into between the partnership and Anglo Irish Bank, appointing a receiver over the building.
The property, worth some €4 million, was put up as security for the loans. Windsor partnership claimed Gulland was not entitled to issue a letter of demand as the loan had not expired, and sought the injunction over its concerns Gulland may attempt to appoint a receiver who would sell the building.
The injunction, granted by Mr Justice Paul Gilligan, restrained Gulland taking any enforcement action or appointing a receiver on foot of a demand made in February for €3.3 million.
The members of the Gill family involved in the partnership are the beneficial owners of the publisher.
When the matter returned to Court on Tuesday, Mr Justice Gilligan was told the matter had been resolved. Rossa Fanning BL, for the partnership, said it was now accepted by Gulland the loan had not expired and was not due to expire until 2020.
Seeking the injunction the court previously heard the building had been subject of a loan agreement between Anglo Irish Bank and the partnership for approximately £3.8m.
After Anglo collapsed, the loan was transferred to IBRC, which sold it in February 2015 to Gulland. The partnership sought the injunction after Gulland informed it the loan had expired and demanded the monies outstanding, some €3.3m, be repaid in full.
The partnership rejected Gulland’s assertion and argued Gulland was bound by agreements which meant the loan would not have to be repaid until 2020. The partnership was fully solvent, has been making monthly repayments on interest due on the loan and at the end of each year makes a capital repayment of €137,000, the court heard.
