When is a million pounds not a million pounds? When its an Irish million, according to a writ issued by a Stratford on Avon company that is suing for around £250,000 after a deposit for a company sale was paid in what it claims was the wrong currency.
The writ, issued at Londons High Court, says that Stratford-based Stannifer Group Holdings agreed to sell Stannifer Dublin to Moorview Developments in November 2000, and Moorview agreed to pay a deposit of one million pounds.
But it says that when Moorview tried to hand over a cheque for I£1m – £752,319.82 in sterling – Stannifer refused to accept the cheque, and said the sum should be £1m sterling.
Stannifer agreed to hold the cheque as part payment for the deposit, but claims that although Moorview made a bank transfer of £752,319.82, there was a shortfall of £247,680.18, which was not paid by the deadline of 31 January 2001.
The company says this amounted to a material breach of contract, and the money already paid is non-returnable because of Moorview’s failure to complete the company purchase by the completion date. Now Stannifer is suing Moorview, of Terenure Place, Terenure, Dublin, for the money, or damages, and interest.
PLS News 10/5/01
