THE plans of a Dublin solicitor Mr Denis Murnaghan, to end his practice from January were outlined to the High Court yesterday.
Mr Eoin Fannon, counsel for Mr Murnaghan, said that under the arrangement it was envisaged Mr Murnaghan would retain his solicitor's certificate and act as a consultant for a new practice.
The President of the High Court, Mr Justice Costello adjourned the matter for two weeks to allow Mr Murnaghan to submit his proposals to the Law Society.
Earlier this month Mr Justice Costello had suggested that Mr Murnaghan and the Law Society consider proposals that Mr Murnaghan give up being principal of his own law firm and become an employee.
The judge had been told the Revenue authorities had obtained judgments totalling £640,000 against Mr Murnaghan, who practises as Denis Murnaghan and Co, Upper Mount Street, Dublin.
The court was also told Mr Murnaghan was owed money, including one debt of £440,000 for which he had got a judgment. If these debts were paid he could pay the Revenue.
Yesterday Mr Fannon said that on November 16th Mr Murnaghan had a meeting with another solicitor with a view to Mr Murnaghan disposing of his practice. A meeting of minds had taken place.
It was envisaged that the practice of Mr Murnaghan would cease and a new practice would start as of January 1997 under a new title and a new ownership. Mr Murnaghan would become a consultant in the new practice.
Mr Fannon said the liabilities of Mr Murnaghan's practice would, remain with Mr Mumaghan and would have nothing to do with the new practice.
He wanted to emphasise, Mr Fannon said, that this was not "a done deal". They had got as far as a start up date for the new practice and a shutting down of the current practice.
Mr Murnaghan would not have a management function. He would be a consultant and would not even have the protection of being an employee.
Mr Tom Fallon, counsel for the Law Society, said Mr Murnaghan's ability to pay off his liabilities depended on him being able to bring in his debtors. The society was of the view that there was a difficulty in getting the monies due to him.
Mr Justice Costello said that without reaching any final decision it would be desirable to adjourn the matter until December 5th to see what proposals were forthcoming.