Settlement talks intensify in row over waste company operated by Shane Byrne
Posted on 6th May 2020 at 21:58
Byrne brothers prepared to offer €1.5m to Oxigen for shares in waste business
Former Ireland rugby star Shane Byrne was in the High Court on Wednesday as it adjourned a dispute over the operation of a waste disposal company as settlement talks intensify.
An application by Oxigen Environmental to have a provisional liquidator appointed to the company in which Mr Byrne and his brother William are involved – AWD Waste Solutions Ltd — was also adjourned.
The court heard it is likely the petition application will not be proceeding and no other creditor of AWD, including Revenue, is likely to be taking over the petition.
Mr Justice Michael Quinn adjourned the proceedings to next week
Counsel for Oxigen, Martin Hayden SC, had asked for the petition to be adjourned. Counsel for the Byrne brothers, John O’Donnell SC , asked that orders made previously by the court including for use of a waste permit continue.
The parties, in what was described as a bitter dispute, commenced discussions last week after it was revealed the Byrnes were prepared to offer €1.5 million to Oxigen for its shares in AWD.
The brothers, who are directors and have operated the company for many years, hold a 49 per cent shareholding in AWD while Oxigen, which became involved in the company eight years ago, holds 51 per cent.
Last year Oxigen secured interim injunctions against the brothers, arising from allegations on how the affairs of the waste disposal company were being conducted.
Oxigen’s concerns about the conduct of the affairs of AWD included claims that books and records of the company were allegedly removed and destroyed, that monies may have been missing, and about payments being made in cash
The brothers denied any wrongdoing and said the actions were brought because Oxigen wanted to force them to sell their shares in AWD, and cause maximum damage to their reputations. In separate, but related proceedings commenced earlier this month, Oxigen claimed AWD is insolvent and seeks to have a provisional liquidator appointed to the company.
The brothers, opposing that application contend the company is solvent and should not be wound up.
Share this post: