Northern Irish developer reaches last minute out-of-court settlement
Northern Irish property developer PBN Property has reached an out-of-court settlement with some prospective buyers who failed to complete on sales of new apartments in
PBN had launched legal proceedings against 10 buyers who had signed up to buy homes at the Woodlands Manor development at Stockman’s Way but failed to complete.
The apartments are believed to now be worth less than what the buyers agreed to pay in 2007.
The company’s lawyers confirmed that a last-minute confidential agreement had been reached with some of the defendants ahead of a planned High Court trial.
Any litigation against the remaining defendants is not expected to be heard until next year.
