Flash Developments / Ciaran Maguire Group article in The Phoenix

The Phoenix Young Blood article on Ciaran Maguire of Flash Developments who is behind the Palm View Resort in Cape Verde where Dublin legal firm Anthony Joyce & Co are representing overseas investors.

The Phoenix have very kindly given us permission to add this interesting piece of coverage relating to the on going saga of Flash Developments. Please click on the image below to view the full article.

Flash in the pan or Flash aaaaah

Any investors who would like further details of Anthony Joyce’s legal work on this case or overseas property legal issues in general then please contact us.

Flash Developments Limited to be wound up.

Dublin legal firm Anthony Joyce & Co have just confirmed that Flash Developments Ltd, headed by Ciaran Maguire, the developers of the €1.8bn Palm View resort in Cape Verde, is to be wound up follow a High Court petition by Hayes Recruitment.

The petition was submitted to the Court in Dublin last week (17th May, 2010) and was approved by Justice Laffoy. This puts Flash Developments into liquidation and KPMG have been confirmed as the liquidators.

Anthony Joyce (tel: 01 4545000) is currently undertaking legal action relating to Flash Development on behalf of investors. Please contact us for further details.

Ends

Getting a case admitted to Dublin’s Commercial Court can mean a much quicker legal process

Guest post by solicitor Anthony Joyce of Dublin legal firm Anthony Joyce & Co.

Question: I have heard that having a case admitted to the Commercial Court can be a much faster method of obtaining a resolution – is this true? And what are the conditions that must be met to have a case admitted?

Answer: Yes it is true, if you are currently involved in a commercial dispute, having your case admitted to the Commercial Court (also known as the High Court Commercial List) can allow you to resolve a dispute more quickly and effectively than through the normal High Court procedures. The Commercial Court is effectively a fast track of the High Court reserved for commercial cases.

Cases which are admitted to the Commercial Court start and finish in a short time frame, on average, within twenty one weeks of the transfer of proceedings.

An application to have a case admitted to the Commercial Court can be made at any time, but the rules of the Court provide for a stay to be put on proceedings for a period of 28 days to allow mediation, conciliation or arbitration to take place.

In order to gain entry to the Commercial Court the dispute must fall into one of the following categories:

1. Current financial disputes where the claim, or counterclaim, is not less than €1,000,000 can be admitted to the Commercial Court. However, there has been some speculation that the minimum entry level of may be increased to €2,500,000.
2. Any application or proceedings under the Arbitration Acts where the value of any claim or counterclaim is not less than €1,000,000.
3. Any legal dispute relating to a patents, a trade mark, copyright, industrial design or a case relating to ‘passing off’, for example where a competitor has tried to ‘pass off’ your product as their own.
4. Any appeal or application for a judicial review of a previous decision or determination that judge considers it suitable for admission to the Commercial Court.

There is also a catch all condition that can allow any case to heard where the Judge considers it appropriate for entry into the Commercial Court. But, whilst it does have a broad discretion to admit cases, it must be remembered that it is at the discretion of the High Court and even if your case falls into one of the above categories this does not automatically entitle you to entry.

Once your case has been admitted the it runs quickly because of the rules which provide for what is termed ‘detailed case management’, this ensures a strict timetable for any cases has to be met by all parties involved and they are fined if these deadlines are not met – this is why the Commercial Court moves so much faster than the High Court

The Commercial Court in Dublin has been a great success. It has garnered an international reputation as a Court that is simple to access and where disputes can be settled in a swift and cost effective manner compared to Courts abroad.

The success of the Commercial Court has promoted Ireland as a country where any commercial disputes arising can be resolved quickly and effectively. An efficient legal system and settling of disputes in this manner is vitally important in order to be able to attract international business. The Commercial Court is something that Ireland should be very proud off.

by Anthony Joyce, Principal, Anthony Joyce & Co, Dublin – www.anthonyjoyce.ie

Ends

Meeting of Kuvera Action Group tonight

The latest full meeting of the Kuvera Action Group will take place at 8pm tonight Tuesday 14th July at the City West Hotel, Saggart, Dublin. The Group’s solicitor Anthony Joyce will be in attendance to update everyone on the success of the first stage of the legal action against Kieran Murphy and Kuvera Ireland.

Details will also be given about progress on the legal action against Seymour Major Solicitors and VG Builtech in India.

For those who can’t attend full minutes of the meeting will be circulated.

Compensation Secured in Legal Action Against Kieran Murphy and Kuvera (Irl) Ltd

Property, cash and shares won by the Kuvera Action Group

 Dublin, Ireland: Following today’s High Court case the Kuvera Action Group has successfully reached agreement on compensation for money that was taken as part of an investment scheme in Rudrapur, India, by Kieran Murphy and his overseas property company Kuvera. 

 Anthony Joyce, of Anthony Joyce Solicitors, who represented the Group, issued the following statement:

“I am pleased to announce that today agreement was reached in the initial stages of the legal process to regain substantial funds of the Kuvera Action Group from Kieran Murphy and Kuvera Irl Ltd.

“The Group have today secured agreement to take possession of the following:  

• Two properties at the Le Grand George golf resort in South Africa valued at approximately €277,000 each;
• €143,000 approximately in cash from a South African bank account;
• All remaining and uncommitted assets and funds of Kuvera Irl Ltd;
• Possession of five properties in the UK valued at £561,000 (approx. €863,000);
• An Option over Kieran Murphy’s shares in Kuvera India and that company’s shareholding in Indian development company VG Buildtech.

“This agreement, facilitated by thefast track procedures available in the Commercial Court, has been achieved in only seven weeks since legal action was instigated and is a good result for our clients the Kuvera Action Group.”

The barrister handling the proceedings was Patrick McCann BL.

Legal proceedings are also ongoing against Seymour Major Solicitors, from Enniskillen who advised on the investment.

In parallel with the ongoing proceedings in Ireland, the next stage of the legal process to recover the funds will take place in India where legal proceedings are currently being instigated. This week the Group has appointed New Delhi based legal firm, Axon Partners, who have been instructed to recover funds from the promoters of the scheme and the Indian developer’s VG Buildtech.

For further details please contact Simon Palmer on + 353 (0) 851 341 761 or email simon@republicpr.ie

Notes to editors

Corporate Structure / Shareholdings

A statement issued by Kieran Murphy on 17^th April, 2009 outlined the following company structures and a break down of shareholdings.

Kuvera (Irl) Ltd: This is an Irish registered company who acted as agents and marketed the company in Ireland. Kieran Murphy and his wife Suzanne Kelly are the directors and 100% shareholders.

Kuvera Properties (India) Pvt. Ltd – The Indian Management Company. This is an Indian registered company. It was incorporated specifically to oversee the Mountain View and Orchard View developments.

The Managing Director of the company is Dr. Ajit Jha. The Directors of the company are Dr. Ajit Jha, Mr. John Bent and Mr. Kieran Murphy. The Shareholders of the company are Mr. Kieran Murphy (55%), Dr Ajit Jha (25%) and Mr. John Bent (20%)

VG Buildtech India Pvt Ltd – The Development Company. This is an Indian registered company.

The Chairman of the company is Dr. Ajit Jha. The Directors of the company are Mr. Vinay Bansal, Mrs. Anjana Bansal and Dr. Ajit Jha.

The Shareholders of the company are Mr. Vinay Bansal (25%), Mrs. Anjana Bansal (25%) and Kuvera Properties India Pvt. Ltd (50%).

Ends

Kuvera Action Group meeting called

The next meeting of the Kuvera Action Group takes place at 8pm on Tuesday 30th June, 2009, in the City West Hotel, Saggart, Dublin. This is an important meeting where purchasers will be updated by the Group’s legal advisers, Anthony Joyce Solicitors, on  the current action being taken against Kieran Murphy, Kuvera Ireland and Seymour Major Solicitors.

As many members of the Group as possible are requested to attend. Only paid up members of the Group will be allowed entry.

For for more information please contact Simon Palmer of Republic PR on simon@republicpr.ie or call +353 (0) 851 341 761.