The Four Courts: A businessman who played an early role in a major payroll software business alleges he is being deprived of a €7 million payout for shares held on trust for him. Photograph: Bryan O'Brien/The Irish Times
He says his role with the company included advising on business strategy, planning and investment rounds that raised some €73 million. Lawyers for Mr Buckley on Friday secured a temporary High Court order preventing Mr Kelleher and RCD from dissipating below €7.05 million any sums received in consideration for the sale of Immedis shares held by them.Their barrister, Conor Feeney, said a final €2.3 million cash payment on foot of the Immedis sale is due to be paid to Mr Kelleher and RCD next month.
He adjourned the case to January 13th – the first day of the new court term – but gave permission for Mr Kelleher and RCD to apply to the court during the holiday period if needed. Mr Kelleher and Mr Graham reached a settlement with the Immedis board in late 2021 or early 2022 that resulted in them departing the business and surrendering some of their shares, Mr Buckley alleges.
He says he recently discovered that Mr Kelleher undertook to use some of the Immedis share proceeds to pay a colleague and to discharge a €1.65 million debt to a marketing firm.