A man must pay €245,000 to buy out his brother in a dispute over the running of a former drilling company which they jointly owned, the High Court ruled.
Under the agreement, Noel was to pay €250,000 to Leo to buy out the latter’s 50 per cent interest in the company but this did not happen. The dispute arose after it was claimed Leo was not getting paid and not receiving adequate answers to queries he raised with his brother. The case was settled in April last year with Noel agreeing to pay the €250,000 but he only paid €5,000. Leo then went back to court to have the settlement enforced. On Friday, Ms Justice Una NíRaifeartaigh said Leo was entitled to sue on the basis of the settlement and she found Noel was in breach of contract. She directed Noel to pay the outstanding €245,000.
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