Following the confirmation of a High Court fine this week, Ballybay Livestock Sales has said farmers can be “reassured” of the mart’s viability.

In a statement released to the Irish Farmers Journal, Corcaghan Co-op, which trades as Ballybay Livestock Sales, said the High Court proceedings are confirmation of a €13,000 fine imposed last year on the mart.

“The society can confirm that all requirements set out by the Property Services Regulatory Authority (PRSA) have and continue to be complied with.

“During this High Court session, the PSRA’s own personnel confirmed that robust financial policies and procedures are now in place in Ballybay Livestock Sales and there was no question of any client suffering a financial loss.

“All farmers can be reassured of the continued viability of Ballybay Livestock Sales,” the statement said.

Confirmation

High Court president Justice David Barniville confirmed decisions this week to require Corcaghan Co-operative Agricultural and Dairy Society, trading as Ballybay Livestock Sales to pay €13,000, as well as Mountbellew Regional Co-operative Livestock Mart Society to pay €11,000.

The PSRA, which licences the sector, sought confirmation of the financial sanctions, The Irish Times reports.

The authority began investigating Corcaghan Co-operative, Main Street, Ballybay, Co Monaghan in March 2021.

Its licence was suspended for a week in November 2021 after the PSRA expressed concerns over debts.

The licence was subsequently reinstated after the High Court allowed the mart’s new management to trade out of its difficulties under conditions agreed with the authority.

Separately, in February 2023, the PSRA applied for a temporary suspension of Mountbellew mart's operating licence and a freeze of its accounts over a client deficit.

A week later this was lifted by the judge, as the deficit had been bridged through local community fundraising efforts. The mart also told the court it would implement financial controls.